Old Monk, McDowell's, Bagpiper Are Getting Served
India's liquor giants just got hit with a ruling that says adding flavour to alcohol is illegal. FSSAI has issued notices to Diageo, United Spirits Ltd, INBREW, and Associated Alcohols, targeting plants that produce McDowell's No 1 Rum, Antiquity Blue, and Royal Challenge Whisky. This stock market story has real financial weight: a ₹150–300 crore quarterly earnings hit in severe scenarios. Switching to natural flavours could push raw material costs up 200–300%, and smaller players like Associated Alcohols face disproportionate strain. The Indian stock market is watching a ₹5.3 lakh crore…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.