Karnataka HC orders winding up of UBHL; shares tumble

NEW DELHI: Shares of United Breweries (UBHL) tumbled nearly 6 per cent in intraday trade after reports that the Karnataka High Court has ordered winding up of the company.

The scrip closed 2.45 per cent down at Rs 39.80. Shares of the company opened at Rs 41 and touched a high and low of Rs 41.75 and Rs 38.45, respectively.

According to reports, UBHL holds 11.46 per cent stake in United Breweries and 2.9 per cent stake in United Spirits. Reacting to the news, shares of United Breweries and United Spirits also dipped as much as 3.28 per cent and 0.35 per cent, in intraday trade.

Beleaguered Vijay Mallya holds 52.34 per cent stake in UBHL. Karnataka HC gave the order following plea filed by SBI, BNP Paribas and others for recovering their dues from Mallya.