United Spirits, engaged in manufacturing of beverage alcohol, fell on Friday after the global investment bank UBS has downgraded the company to 'sell' from 'neutral' with a target price of Rs 1,800.
The downgrade comes after a sharp run up in the stock following the announcement of a USD 2.1 billion deal with UK based spirits major Diageo last week.
Shares of the company are trading at Rs 1,808, down Rs 42.65, or 2.30% at the Bombay Stock Exchange (BSE) on Friday at 9:48 a.m.
The scrip has touched an intra-day high of Rs 1,871.80 and low of Rs 1,801.15. The total volume of shares traded at the BSE is 212,076.
In the earlier session, the shares gained 2.44%, or Rs 44, at Rs 1,850.65. Currently, the stock is trading down 7.47% from its 52-week high of Rs 1,954 and above 301.78% over the 52-week low of Rs 450.
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