Shares of United Spirits Ltd plunged as much as 6.7 per cent to Rs 3,501.10, marking biggest intraday percentage drop since July 10. India's largest liquor company had said on Tuesday its third-quarter profit fell about 9 per cent, missing estimates, due to higher marketing investment.
According to Kotak Institutional Equities, results were a “major miss". It said EBITDA was at least 25 per cent off expectations. Up to Tuesday's close, the stock had risen 70.2 per cent in 12 months.
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