United Spirits shares fall after court annuls Diageo deal

Shares fall as much as 6%

Shares in United Spirits Ltd fell as much as 6% on Monday after a court ordered the annulment of the sale of the Indian spirits maker to British group Diageo.

Karnataka High Court ordered the cancellation of the sale on Friday in response to a petition by creditors of United Breweries Holdings Ltd , which sold its stake in United Spirits to the British firm through a complicated share transaction.

United Breweries Holdings initially fell as much 9.1%, but was down 3.6% at 9.31 am, compared with a 0.4% gain in the broader Nifty.

United Spirits shares were down 1.2% at 9.32 am.