Liquor stocks, including Allied Blenders, United Spirits, Radico Khaitan, and Tilaknagar Industries, came under sharp selling pressure right from the opening bell on Wednesday, June 11, falling up to 5%, as investor sentiment turned bearish after the Maharashtra cabinet approved revenue-boosting changes to the excise policy. 

These included a hike in excise duty on Indian Made Foreign Liquor (IMFL), country liquor, and imported alcohol, along with the introduction of a new category—Maharashtra Made Liquor (MML). This is the first revision of excise duty in Maharashtra since 2011. 

As per the cabinet’s decision, excise duty on Indian Made Foreign Liquor (IMFL) will be raised from three times to 4.5 times the declared manufacturing cost (up to ₹260 per bulk litre), while duty on country liquor will rise from ₹180 to ₹205 per proof litre, PTI reported. 

The state has also introduced a new category — grain-based Maharashtra Made Liquor (MML) to be produced exclusively by local manufacturers. MML brands will require new registrations.

Revised minimum retail prices for 180 ml bottles are country liquor ₹80, MML ₹148, IMFL ₹205, and premium foreign liquor ₹360, the report showed. 

The decision is expected to raise the state’s annual excise collection by approximately ₹14,000 crore.