16 February, 2018

India: Karnataka government announces alcohol excise duty hike by 8%

Liquor stocks hogged limelight in the afternoon trade on Friday, February 16 after Karnataka government hiked the excise duty on alcohol products by 8 per cent, the Economic Times reported.

Chief Minister of Karnataka Siddaramaiah presented the state’s Budget for 2018-19 in the state assembly on February 16.

Reacting on the news, shares of United Breweries slipped over 3 per cent to Rs 1,006.55 at around 1 pm (IST). United Spirits was down 1 per cent at Rs 3,280.05 at around the same time, whereas benchmark BSE Sensex was trading 124 points, or 0.36 per cent, down at 34,173 in the afternoon trade.

Shares of other liquor firms including Ravi Kumar Distilleries, Radico Khaitan, Pioneer Distilleries and Empee Distilleries were among top losers with a loss of 5 per cent, 2.87 per cent, 2.76 per cent, 2.65 per cent, respectively.

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