United Spirits falls after court annuls Diageo deal

Shares in United Spirits Ltd fell as much as 6 percent on Monday after a court 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 was trading up 1.6 percent at 12.02 pm, compared with a 0.4 percent gain in the broader Nifty.

United Spirits shares were down 2.9 percent at 12.01 pm.

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