Shares of liquor companies fell as the Supreme Court has reaffirmed the ban on outlets near highways.

Shares of United Spirits Ltd, Pincon Spirit Ltd and Globus Spirit Ltd fell 5.1-7.9 per cent.

The apex court has reaffirmed its decision to ban liquor outlets within 500 metres of national and state highways from April 1, according to a media report.

The order was first issued on December 15, 2016.

Macquarie Research said in a note that it expects United Spirits' revenue from affected outlets to fall by 35-40 per cent.

Around 720,000 United Spirits' shares change hands, more than twice the 30-day average.