Liquor stocks decline on reports of Kerala hiking alcohol tax

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%.

Jan 31, 2019 02:01 IST India Infoline News Service

Shares of liquor companies declined on Thursday after media reports suggested that the government of Kerala has hiked the tax on alcohol. Shares of United Spirits, Radico Khaitan, IFB Agro Industries, Globus Spirits, and Gujchem Distillers India were down.

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.

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