United Spirits shares tank over 9%

Shares of United Spirits today plunged over 9 per cent, eroding Rs 1,444 crore from its market valuation, amid uncertainty over stake sale deal with UK-based Diageo Plc.

After falling nearly 18 per cent during the day, the scrip finally ended at Rs 1,095.05, down 9.15 per cent on the BSE.

At NSE, the stock closed at Rs 1,104.80, down 8.17 per cent.

Following the sharp fall in its share price, the market value of United Spirits plunged Rs 1,444 crore to Rs 14,322 crore.

"United Spirits sank badly on the bourses after it was found that there was uncertainty over the deal with Diageo and the company. The stock which has more than doubled in the last five months, was down more than 17 per cent intra day.

However, it did see some smart recovery towards the end of the day," Inventure Growth & Securities CMD Nagji K Rita said.

The company's stock has been consistently hitting fresh highs in recent times in anticipation of the deal with Diageo to buy stake in the company.

Selling pressure was also seen in other group stocks. United Breweries Holdings tanked 9.50 per cent, while McDowell Holdings dropped 4.59 per cent. In the broader market, the Sensex ended at 18,635.82, up 10.48 points.

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