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This is an archive article published on December 23, 2013

United Spirits share price falls after court annuls United Breweries Group’s deal with Diageo

Court orders cancellation of sale to Diageo in response to a petition by creditors of United Breweries Group.

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United Spirits Ltd (USPL) share price fell as much as 6 percent on Monday after a court ordered the annulment of the sale of the Indian spirits maker to British group Diageo.

Karnataka High Court ordered the cancellation of the sale on Friday in response to a petition by creditors of United Breweries (Holdings) Ltd,which sold its stake in United Spirits to the British firm through a complicated share transaction.

United Breweries Holdings initially fell as much 9.1 per cent,but was down 3.6 percent at 9.31 am,compared with a 0.4 percent gain in the broader Nifty.

United Spirits shares were down 1.2 percent at 9.32 am.

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