United Breweries shares fall nearly 4%
United Breweries shares fall nearly 4%
Image by Dhiraj Ranjan from Pixabay

United Breweries Ltd closed nearly 4 per cent lower on Wednesday, erasing all its early gains, on the bourses.

The stock opened the trade on a higher note on BSE and gained 2.81 per cent to Rs 1,497.65 during the day. However, it shed all the gains and closed at Rs 1,403.40, lower by 3.66 per cent.

On NSE also, the scrip ended the day at Rs 1,403.85, a decline of 3.61 per cent. During the day, it had rose 2.91 per cent to Rs 1,498.95.

Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries, taking its total shareholding to 61.50 per cent.

In another development, the Debts Recovery Tribunal (DRT) sold shares worth over Rs 5,800 crore of United Breweries that were earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against fugitive liquor baron Vijay Mallya.

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Free Press Journal