USL shares down as SFIO probes fund diversions by Kingfisher

Shares of United Spirits today fell by over one per cent amid the Serious Fraud Investigation Office (SFIO) probing alleged fund diversions by the long- grounded Kingfisher Airlines to other group firms.
United Spirits' stock slid by 1.13 per cent to settle at Rs 3,169.70 on the BSE. During the day, it lost 1.62 per cent to Rs 3,154.
Once a flagship firm of Vijay Mallya group, United Spirits Ltd (USL) is now controlled by British liquor giant Diageo.
Shares of United Breweries fell by 1.84 per cent and McDowell Holdings dipped by 4.65 per cent.
Meanwhile, Vijay Mallya group firm United Breweries today said it has not received any notice from SFIO over alleged fund diversions by Kingfisher Airlines to other group entities.

United Breweries' submission to the stock exchanges comes a day after United Spirits Ltd (USL), which is now controlled by Diageo, said SFIO has sought information from the company about alleged fund diversions by Kingfisher Airlines.

"We would like to inform you that United Breweries Ltd (UBL) has not received any kind of notice from SFIO nor is aware of any development in this regard," the company said in a filing to the BSE.
Yesterday, United Spirits had confirmed that the SFIO has sought information from the company about alleged fund diversions by Kingfisher Airlines.
USL had said it has received a letter from SFIO in connection with its investigation into Kingfisher Airlines.

UBL's filing came in response to clarification sought by the BSE about reports that SFIO was probing flow of funds between Kingfisher Airlines and some other group companies, including United Breweries.