Share market update: Liquor stocks under pressure after Karnataka proposes 4% tax hike

NEW DELHI: Most liquor stocks came under pressure during Thursday's trade after Karnataka government proposed a 4 per cent tax hike on liquor in its budget for 2018.

Shares of Pincon Spirit (down 4.96 per cent), Jagatjit Industries (down 4.73 per cent), United Spirits (down 4.65 per cent) and G M Breweries (down 4.01 per cent) were suffering the most among the liquor stocks.

Radico Khaitan (down 2.96 per cent), Winsome Breweries (down 2.70 per cent), United Breweries (down 1.77 per cent) and Empee Distilleries (down 1.13 per cent) too were incurring losses.


Market sentiment was subdued amid weak Asian cues. Losses in Infosys, Tata Motors, Vedanta and Larsen & Toubro were weighing on the Sensex.

Benchmark BSE Sensex was 96 points down at 35,549, while the NSE Nifty50 index was down 28 points at 10,742.

In the Sensex index, 16 stocks were up, while 15 were down.

Among the sectors, IT, consumer durables, metal, realty and teck were reeling under pressure.