United Breweries has stopped supplying beer to state-owned companies in the southern Indian state of Telangana, which will stop selling popular beer brands such as Heineken and Kingfisher in one of the state's largest liquor sales in the country.
The suspension of beer supply came less than a month after Reuters reported India's antitrust agency raided the offices of alcohol giants Pernod Ricard and Anheuser-Busch InBev to investigate allegations of collusion prices with retailers in the state of Telangana.
United Breweries said the decision to stop its production was mainly due to significant and sustainable operational losses in the state.
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"Although we have continued to make efforts over the past two years, there has been no increase in the basic price offered for our products. This has resulted in even greater losses, making our operations in the state ruled out," United Breweries said in a statement.
United Breweries shares fell 7 percent after the news and were on track to its worst day in nearly four years.
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