As per media reports, Kerala Finance Minister Thomas Isaac, in his fiscal budget, for the year 2019-2020 presented on Thursday hiked the tax on alcohol including beer and wine by 2%.
Shares of IFB Agro Industries and Gujchem Distillers India slipped 3% each. Shares of Radico Khaitan and Globus Spirits also declined 2% and 1%, respectively.
Meanwhile, investors are focusing on Interim Budget for FY20 which is due on Friday, February 1, 2019. Click here for more news, analyses, and blogs on Budget FY20.