The company's revenue stood at Rs 6,736.5 crore, falling 18.6 percent.
In a regulatory filing, United Spirits said that the tax authority has denied the input tax credit taken by the company on ENA (extra neutral alcohol) purchased.
United Spirits, the country's leading liquor company said that it is considering all options to deliver sustainable long-term profitable growth.
Nagarajan has led operations in Ghana, Cameroon, Ethiopia, the Indian Ocean, Angola and several other countries since joining Diageo in the summer of 2018.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 32.5 points, or 0.3 percent. Nifty futures were trading around 10,987-level on the Singaporean Exchange.
After filing of interlocutory applications by Diagio, UBHL and Kingfisher, DRT Presiding Officer Benakanahalli posted the matter for next hearing tomorrow.
Sources tell CNBC-TV18 that Diageo is looking to sell shares of United Breweries to recover the loan amount of USD 135 million guarantee encashed by Standard Chartered Bank.
The removal of director is the prerogative of the shareholders, while the board can uninamously remove a chairman, explains Pratibha Jain, Partner at Nishith Desai Associates.
According to SP Tulsian of sptulsian.com, one can expect a target price of Rs 3,000 on United Spirits, in a time horizon of six months to one year.
Diageo may remove the put option clause from the its deal United Spirits, reports CNBC-TV18‘s Kritika Saxena.
ICRA Equity Research Service has come out with its update note on United Spirits Limited (USL)’s Q3 FY12 results. The research firm has retained the fundamental grading of '4/5' and revised valuation grading to 'C' from 'B' to the company in its January 25, 2012 report.