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.

Written by PTI

Mumbai | December 23, 2013 09:44 AM IST

1 min read

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.

Tags:

Diageo Karnataka High Court market news United Breweries United Breweries Holdings United Spirits United Spirits shares