UBL, USL shares tumble up to 3% as Supreme Court upholds alcohol ban in Kerala

Shares of brewing firms such as United Breweries and United Spirits slipped up to 3 per cent after Supreme Court upheld Kerala High Court's liquor ban order.

The stock of United Breweries ended flat after falling 3 per cent intraday, while United Spirits tumbled 2.69 per cent on the Bombay Stock Exchange (BSE).

The Kerala government introduced a policy last year to become an alcohol-free state within 10 years. Under the policy, the sale of alcohol was permitted only in 5-star hotels.

The order was challenged by small bar owners who lost their case in the Kerala High Court.

Kerala has the country's highest alcohol consumption per capita.