Moneycontrol
Last Updated : Oct 12, 2018 12:48 PM IST | Source: Reuters

Shares in United Breweries slide following antitrust raids

The United Breweries stock was down 1.13 percent in an Indian market that was up nearly 2 percent on Friday.

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Hold off buying depreciating asset | The early 20’s in one’s career is all about self-discovery, so as to understand where one’s long-term career goals would lie. This is a volatile period, marked by frequent job and industry changes, and voluntary salary cuts are not uncommon. This makes it the best to postpone the purchase of an expensive vehicle to a time when one is more settled in their career
 
 
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Shares in India's United Breweries fell as much as 3 percent on Friday, a day after Reuters reported the brewer and two of its global rivals, had been raided in India as part of an ongoing investigation into price-fixing allegations.

Reuters reported on Thursday that the Competition Commission of India conducted search and seizure operations at the offices of India's United Breweries (UB), Denmark's Carlsberg and the world's largest brewer Anheuser-Busch InBev (AB InBev) in at least two Indian cities.

The United Breweries stock was down 1.13 percent in an Indian market that was up nearly 2 percent on Friday.

Investors and analysts said shares in UB, which is known for its Kingfisher brand, were hit by fears that the CCI raids could result in penalties and potentially dent profits down the road.

"This is a highly regulated market and these are global players. So, allegations of price-fixing are extremely worrying for us," said the head of a fund that owns shares in UB, who asked not to be named due to company policies.

The company did not respond to requests for comment.
First Published on Oct 12, 2018 12:30 pm
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