UB group shares fall after warrant against Vijay Mallya

Shares in companies promoted by billionaire investor Vijay Mallya dropped sharply in trade on Friday. A Hyderabad court today issued a non-bailable warrant against Mr Mallya for a case filed by airport builders GMR.

United Breweries shares traded 2 per cent lower while UB Holdings declined 1.5 per cent lower. Shares in United Spirits were down 2.5 per cent.

Five more NBWs have been issued in the name of Kingfisher Airlines' management. Mr Mallya's Kingfisher Airlines owes more than Rs. 40 crore to the Delhi airport, which is run by GMR. A cheque for Rs. 10 crore issued by KFA to GMR towards this payment has bounced.

Shares in Kingfisher Airlines, which has been grounded for the last two weeks because of a strike by its workforce, traded 1.3 per cent lower.