United Spirits nears four-month low

MUMBAI, June 30 (Business Standard): United Spirits (USL) has dipped almost 5 per cent to Rs 2,381, extending its 5 per cent fall in past two trading sessions, on back of heavy volumes on the bourses. The stock hit its lowest level since March 5, 2014 on BSE.
At 1255 hours, a combined 1.57 million shares representing 1 per cent of total equity of United Spirits changed hands on the counter against an average 1.2 million shares that were traded daily in past two weeks on BSE and NSE.
Meanwhile, since June 18, the stock has underperformed the market by falling 15 per cent from Rs 2,806, after a closure of Diageo's open offer to acquire additional stake in USL. The benchmark index S&P BSE Sensex gained nearly 1 per cent during the same period.
Diageo, which had earlier acquired about 29 per cent in USL for about Rs 65 billion, launched its second bid at Rs 3,030 a share for an additional 26 per cent stake on June 6, which closed on June 19.