Bihar sent shares in breweries and liquor firms down as much as 10 percent on Thursday after the country's third-most populous state said it was considering a ban on alcohol, prompting concerns that others could follow.
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Alcohol has been traditionally frowned upon in India for religious and cultural reasons, but a growing middle class has made the country a booming market for drinks makers, and only a handful of districts and states have an outright ban, including Gujarat, Modi's home state. The southern state of Kerala is introducing limits on alcohol sales.
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"More than the obvious financial impact, this is a directional negative if rest of the state governments emulate Bihar and Kerala, in our view," analysts at brokerage house Motilal Oswal said. more
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Alcohol has been traditionally frowned upon in India for religious and cultural reasons, but a growing middle class has made the country a booming market for drinks makers, and only a handful of districts and states have an outright ban, including Gujarat, Modi's home state. The southern state of Kerala is introducing limits on alcohol sales.
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"More than the obvious financial impact, this is a directional negative if rest of the state governments emulate Bihar and Kerala, in our view," analysts at brokerage house Motilal Oswal said. more
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