India's Sula Vineyards drops on excise demand order

Sula Vineyards

02/08/2023 05:16

** Shares of Sula Vineyards  SULA.NS  fall as much as 5.8%
to 486.2 rupees, their steepest intraday pct decline since March
20
    ** SULA on Tuesday said it received order passed by the
minister (State Excise Revenue) to recover excise duty of 1.16
bln rupees ($14.1 million), including interest, from the co
    ** Adds that the order does not affect the existing business
or the activities of the co; says it filed a writ petition to
challenge the order
    ** Nearly 393,000 shares change hands, 0.7X the 30-day
moving average
    ** Stock up 55.7% YTD, as of last close
    
    ($1 = 82.3910 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))