Radico Khaitan and other beverages stocks slump amid coronavirus fear

Shares of United Spirits, Radico Khaitan, Pioneer Distilleries, Pioneer Distilleries, Globus Spirits, and GM Breweries fell in the range of 16-5% on the NSE.

Mar 19, 2020 06:03 IST India Infoline News Service

Radico Khaitan
Shares of United Breweries and other alcoholic beverages stocks fell in today’s session after the state governments across the country order for complete shutdown of malls, bars, restaurants, and night clubs till March 31, in the wake of coronavirus outbreak.

Shares of United Spirits, Radico Khaitan, Pioneer Distilleries, Pioneer Distilleries, Globus Spirits, and GM Breweries fell in the range of 5-16% on the NSE.

Amid fear on the spread of coronavirus due to mass gathering, states like Tamil Nadu, Maharashtra, Karnataka, and Delhi have ordered the shutdown of malls, bars, and restaurants as precautionary measures till March 31 in selective cities. Also, various governments have ordered that wedding halls and resorts must not take fresh bookings until further orders and that sports arenas, clubs and other recreational facilities should remain shut.

The latest to join the bandwagon is the state government of Haryana that has ordered shut down of bars in Gurugram till the end of the month. The order issued by the deputy commissioner, Gurugram that the operations of the gymnasium, swimming pools, spas, nightclubs, lounges, bars, cinema halls, theatres, multiplexes and all weekly bazaars, and shopping malls have been suspended till March 31, the media statement added.

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