The clarification came after a CNBC-TV18 report on August 20 suggested India’s largest wine producer was eyeing an entry into spirits. In a filing to the exchanges, Sula stated, “No negotiations or discussions have taken place with respect to any acquisition or entry into the premium spirits market, as reported in the article.”
The company stressed that it remains committed to keeping shareholders and stakeholders informed of all material developments under SEBI’s disclosure regulations. It added that since no such event or discussions had occurred, the issue of non-disclosure does not arise, noting that the recent price movement in its shares appears to be “purely market driven.”On Wednesday, shares of Sula Vineyards surged as much as 8% following the initial report before closing at
₹257, up 2.49 percent on the NSE.
As of Thursday, 2:40 pm, the stock was trading at ₹262, up 2%.
Also Read: Sula CEO calls for minimum import price as cheaper foreign wines enter India
Sula, which dominates India’s wine market, said it continues to focus on its existing business and growth strategy, distancing itself from speculation of diversification into other alcoholic beverage categories.
