United Spirits Shares Fall after Court Annuls Diageo Deal
By Reuters | Published: 23rd December 2013 10:47 AM |
Shares in United Spirits Ltd fell as much as 6 percent on Monday after a regional court in India ordered the annulment of the sale of the Indian spirits maker to British group Diageo.
Karnataka High Court ordered the cancellation of the sale on Friday in response to a petition by creditors of United Breweries Holdings Ltd, which sold its stake in United Spirits to the British firm through a complicated share transaction.
United Breweries Holdings initially fell as much 9.1 percent, but was down 3.6 percent at 0355 GMT, compared with a 0.6 percent gain in the broader NSE index.
United Spirits shares were down 2.1 percent.