Facing heat, UB Group stocks melt, UBHL dives over 5%

UBHL's stock plunged 5.31 per cent to settle at Rs 19.60 on BSE.

UB Group stocks, led by United Breweries Holdings Ltd, on Monday slumped by up to 5.3 per cent as trouble mounted for Vijay Mallya, who is facing multiple proceedings for alleged loan defaults totalling over Rs 9,000 crore (Rs 90 billion).

UBHL's stock plunged 5.31 per cent to settle at Rs 19.60 on BSE. Intra-day, it dived 6 per cent to Rs 19.45.

Shares of Mangalore Chemicals & Fertilizers Ltd went down 4.05 per cent and United Breweries fell 0.54 per cent.

McDowell Holding ended down 2.89 per cent. In more trouble for Mallya, a Hyderabad court has issued a non-bailable warrant against the beleaguered businessman after he failed to appear before it in a cheque dishonor case.

Mallya, 60, is facing multiple cases for allegedly defaulting on loans of over Rs 9,000 crore (Rs 90 billion) from various banks. His departure from India on March 2 in the middle of the probes has also triggered a political row.