United Spirits down 1.5% on profit taking

Stock drops after gaining 6% in four days

United Spirits has dropped 1.5% this afternoon on profit taking at higher levels after gaining nearly 6% in the previous four trading sessions.

The stock had touched an intra-day high of Rs 977 in early trades today. However, profit booking at higher levels dragged the stock lower.

Meanwhile, auditors of UB group's holding firm, United Breweries Holdings Limited (UBHL), have raised concerns over its significant exposure to debt-ridden Kingfisher Airlines, as also on delays and defaults related to tax dues and repayments to lenders. UBHL is the holding firm for Vijay Mallya-led UB group, whose companies include United Spirits Ltd, among others.

A combined volume of over 1.6 million shares have been traded on the stock exchanges so far, as against a two-week average of 7,23,000 shares.