Shares of United Breweries
are trading lower in the afternoon session. As per media reports, the Competition Commission of India (CCI) on Thursday, raided offices of three top beer companies, including those of United Breweries, as part of an investigation of price-fixing allegations.
The CCI conducted search and seizure operations at the offices of India's United Breweries (UB), Denmark's Carlsberg, and Anheuser-Busch InBev (AB InBev) in at least two Indian cities, the report added.
United Breweries Ltd is currently trading at Rs1,179 down by Rs10.65 or 0.9% from its previous closing of Rs1,189.65 on the BSE.
The scrip opened at Rs1,170 and has touched a high and low of Rs1,199.95 and Rs1,152 respectively.
UBL leads the Indian Beer market, with a volume of more than 2x the size of the nearest competitor. It sells its products under flagship brands "Kingfisher" and "Heineken." The company has a network of 21 own breweries and 8 contract breweries across the country.