Liquor stocks continued to face selling pressure for the second straight session today after the Supreme Court upheld the Kerala government's new policy restricting the issuance of bar licences only to five-star hotels.
Shares of United Spirits fell 2.08 per cent and United Breweries Ltd went down 0.47 per cent on BSE.
Empee Distilleries slipped 3.82 per cent and Tilaknagar Industries was down 1.96 per cent.
These stocks had lost up to 3 per cent in the previous session also.
The Supreme Court yesterday upheld the Kerala government's new liquor policy, saying the state had a "dubious distinction" of having 14 per cent of the national consumption of alcohol and there was no "illegality or irrationality" in the intent of the state to clamp down on public consumption of alcohol.
In a significant judgment, the court said it did not find any reason or justification in accepting the appeals of the Kerala Bar Hotels Association and others, which also included two-star, three-star, four-star and heritage hotels of the state challenging the policy.
