Wednesday, December 30, 2015

United Spirits slumps to near 1 year low

United Spirits fell as much as 3.1 per cent in early trade on the BSE. This is the lowest level since January 9.

The stock was quoting at Rs 2,916.95, down Rs 65.50 or 2.20 per cent.

Diageo Plc owned United Spirits has sought shareholders nod to report sick to the Board of Industrial and Financial Reconstruction (BIFR)

It is the top percentage loser among BSE large-cap shares.

United Spirits said its accumulated losses as on March 31, 2015, have eroded more than 50 per cent of its peak net worth during the immediately preceding four financial years.

It is required to report to the BIFR as per Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985, the company said.

The company has called for an extraordinary general meeting on January 22.

Up to Tuesday's close, United Spirits' stock had lost about 7.2 per cent this year.

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