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India. Liquor stock dizzy as Tamil Nadu may follow Bihar on liquor ban

Shares of liquor distribution and distillery companies tumbled on Monday after Bihar imposed a blanket ban on the sale of liquor in the state and AIADMK promised a similar ban in Tamil Nadu.

Bihar's total prohibition comes on the back of a similar ban in Gujarat and a partial ban in Kerala. Now, even Tamil Nadu and Goa are considering phased rollout of liquor ban in their respective states.

Shares of United Spirits, United Breweries, Globus Spirits, Pioneer Distelleries and others fell as much as 9 per cent at close. "The reaction may not be to the same extent as ITC, but one could generalise this as a sort of a negative for the spirits stocks or liquor stocks," said Dhananjay Sinha, Emkay Global Financial Services.

Scrips of United Spirits ended lower by 3.91 per cent, United Breweries (0.25 per cent), Empee Distilleries (9.2 per cent), and Pioneer Distilleries (5 per cent).

12 Apr. 2016

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