Shares of Radico Khaitan declined by over 2% on Wednesday following a steep hike in excise duty on Indian Made Foreign Liquor (IMFL) by the Maharashtra government. The state raised duties by 50% to 60%, marking the highest percentage increase since 2011. As of 9:16 AM, the shares were trading at 1.84% higher at Rs 2,606.00
The sharp duty hike is expected to push the Maximum Retail Price (MRP) of IMFL up by 30% to 50%, affecting both demand and sales volume in the region.
Maharashtra is a key market, contributing 10% to 12% of the country’s total liquor industry volume.
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