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Shares of Vijay Mallya-controlled companies such as United Sprits, United Breweries, Kingfisher Airlines and Mangalore Chemicals are likely to come under renewed pressure after the Karnataka High Court on Friday ordered the annulment of the sale of United Spirits to British spirits group Diageo.
This ruling will deal a further blow to a transaction beset by complications, though Diageo said it would appeal the decision. Diageo said the Karnataka High Court had ordered the cancellation of the sale in response to a petition by creditors (BNP) of United Breweries Holdings Ltd, which sold its stake in United Spirits to the British firm through a complicated share transaction.
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