Liquor stocks fall as Karnataka govt hikes excise duty

NEW DELHI: Liquor stocks hogged limelight in the afternoon trade on Friday after Karnataka government hiked the excise duty on alcohol products by 8 per cent.

Chief Minister of Karnataka Siddaramaiah presented the state’s Budget for 2018-19 in the state assembly on Friday.

Reacting on the news, shares of United Breweries slipped over 3 per cent to Rs 1,006.55 at around 1 pm (IST). United Spirits was down 1 per cent at Rs 3,280.05 at around the same time, whereas benchmark BSE Sensex was trading 124 points, or 0.36 per cent, down at 34,173 in the afternoon trade.


Shares of other liquor firms including Ravi Kumar Distilleries, Radico Khaitan, Pioneer Distilleries and Empee Distilleries were among top losers with a loss of 5 per cent, 2.87 per cent, 2.76 per cent, 2.65 per cent, respectively.