United Spirits dips on stake sale denial

Stocks

oi-Sunil

By Sunil Fernandes

Published: Friday, September 7, 2012, 12:31 [IST]

Shares of Vijay Mallya controlled United Spirits declined sharply in trade today after the company denied a stake sale report in Whyte & Mackay.

The shares of United Spirits were trading lower by almost 4% in trade today at Rs 950 on the Bombay Stock Exchange.
According to reports, the heavily debt laden United Spirits had proposed to sell up to 49% stake in Whyte and Mackay.

The Vijay Mallya group is looking to ease the massive debts in various companies, particularly in view of the problems with group company Kingfisher Airlines. The debt ridden Kingfisher Airlines has been in the news over the past year for default on loans, salary delays and various other issues.

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