United Breweries falls; CCI raids offices of top 3 brewers
NEW DELHI: Shares of liquor company United Breweries fell as much as 3 per cent to Rs 1,152.55 in Friday's trade
The stock dropped after a Reuters report suggested that Competition Commission of India raided offices of three top beer companies, including those of United Breweries, on Thursday as part of an investigation of price-fixing allegations.
Search and seizure operations were conducted at offices of United Breweries, Denmark's Carlsberg A/S and Anheuser-Busch InBev NV in at least two Indian cities, the report said.
More than 570,800 shares changed hands, compared with their 30-day moving average of 796,500 shares.
Up to the last close, the stock had risen 10.1 per cent this year.
The stock dropped after a Reuters report suggested that Competition Commission of India raided offices of three top beer companies, including those of United Breweries, on Thursday as part of an investigation of price-fixing allegations.
Search and seizure operations were conducted at offices of United Breweries, Denmark's Carlsberg A/S and Anheuser-Busch InBev NV in at least two Indian cities, the report said.
More than 570,800 shares changed hands, compared with their 30-day moving average of 796,500 shares.
Up to the last close, the stock had risen 10.1 per cent this year.
