Mumbai: Liquor stocks fell by up to 3.2 per cent after the Supreme Court on Tuesday upheld Kerala government's policy restricting issuance of bar licences to five star hotels only.
Shares of Empee Distilleries went down by 3.20 per cent, Pincon Spirit lost 3.05 per cent and Tilaknagar Industries fell by 2.75 per cent on BSE.
Similarly, United Spirits dipped by 2.69 per cent and United Breweries fell by 0.71 per cent. Earlier the High Court had upheld the state government's policy, which is aimed at making Kerala a liquor-free state by 2023.
The apex court said the state government would consider taking measures for rehabilitation of those who will lose employment due to the policy.
On October 30, 2014, the Kerala High Court had upheld the state government's decision to close down more than 700 bars, but had exempted heritage and four-star hotels. Meanwhile, in the broader market BSE Sensex ended at 26,079.48 up 45.35 points.
