Moneycontrol
Last Updated : Jul 05, 2018 02:19 PM IST | Source: Moneycontrol.com

USL, GM Breweries, Pincon Spirit fall 5-6% after Karnataka govt raises excise duty on liquor

United Spirits share price lost 5.6 percent intraday, GM Breweries dropped 5 percent, United Breweries 3.2 percent and Globus Spirits 1.1 percent while Pincon Spirit was locked at 5 percent upper circuit after the news.

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Share prices of all listed liquor companies fell up to 6 percent intraday on Thursday after the Karnataka government increased additional excise duty on liquor.

United Spirits share price lost 5.6 percent intraday, GM Breweries dropped 5 percent, United Breweries 3.2 percent and Globus Spirits 1.1 percent while Pincon Spirit was locked at 5 percent upper circuit after the news.

While announcing Karnataka government Budget, the state Chief Minister H D Kumaraswamy proposed a hike in the additional excise duty on Indian-made liquor by 4 percent across the board on all 18 slabs.

Meanwhile, Kumaraswamy also announced a mega Rs 34,000 crore farm loan waiver scheme in the maiden budget of the Congress-JDS coalition government.

With the waiver scheme imposing a huge burden on the exchequer, he also announced proposals to mop up additional resources, including increase in the rate of tax on petrol by Rs 1.14 per litre and diesel by Rs 1.12 per litre.

At 13:58 hours IST, the stock price of United Spirits was down 3.79 percent at Rs 642.10, GM Breweries down 3.7 percent at Rs 882.05 while United Breweries was down 2.25 percent at Rs 1,152 and Globus Spirits 0.49 percent at Rs 121.30 on the BSE.
First Published on Jul 5, 2018 02:18 pm
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