Refile - United Spirits falls after Diageo offers to sell unit

(Refiles to say 10:28 a.m., instead of p.m.)

Reuters Market Eye - Shares in United Spirits fell as much as 8.4 percent on profit-taking after Diageo PLC offered to sell most of its unit Whyte & Mackay's (W&M) whisky assets to address Britain's competition concerns.

In July, Diageo took a 25 percent stake in United Spirits, the owner of Whyte & Mackay.

United Spirits had gained 8.2 percent in the previous two sessions in anticipation of the news, compared with a 1.9 percent gain in the Sensex.

Analysts say the sale of W&M, while reducing the company's debt, may already be reflected in United Spirits' shares, which have risen more than five-fold since the start of 2012.

 

Shares in United Spirits down 1.5 percent as of 10:28 a.m.

(Reporting by Abhishek Vishnoi)