United Spirits, Radico Khaitan Shares Gain as India-UK FTA Cuts Import Duty on Scotch Whisky

Liquor stocks traded higher on June 18 after the announcement that the India-UK Free Trade Agreement (FTA) will come into effect from July 15, 2026, paving the way for lower import duties on Scotch whisky and gin. 

As of 1:56 PM IST on June 18, 2026, United Spirits share price was trading at ₹1,355.00, up 3.59%, while Radico Khaitan share price gained 3.24% to ₹3,687.80. Tilaknagar Industries share price rose 1.69% to ₹436.15, Associated Alcohols & Breweries share price increased 1.22% to ₹836.55, and Piccadily Agro Industries share price advanced 0.96% to ₹585.00. 

India-UK FTA Reduces Import Duty on Scotch Whisky 

Under the Free Trade Agreement, the existing 150% import duty on Scotch whisky and gin will be reduced to 75% immediately after implementation. 

The tariff will subsequently be lowered to 40% over the next 10 years, providing lower import costs for eligible products from the United Kingdom. 

The agreement is scheduled to come into force on July 15. 

Read More: India-UK Free Trade Agreement to Take Effect on July 15; Zero-Duty Access for 99% of Indian Exports 

Industry Bodies Welcome the Agreement 

The International Spirits and Wines Association of India (ISWAI) said the agreement is expected to strengthen bilateral trade, support industry growth and create opportunities for India's alcoholic beverages sector. 

According to ISWAI, lower tariffs on Scotch whisky imports, including bulk Scotch used for blending and bottling in India, are expected to benefit the spirits value chain while expanding access to premium international brands. 

Meanwhile, the Confederation of Indian Alcoholic Beverage Companies (CIABC) welcomed the agreement but urged state governments to withdraw concessions currently available to bottled-in-origin brands. The industry body said that lower import duties could make imported liquor more competitive relative to domestically manufactured products if existing concessions continue. 

Conclusion 

Liquor stocks traded higher on June 18 following reports that the India-UK Free Trade Agreement will take effect from July 15. The agreement provides for a phased reduction in import duties on Scotch whisky and gin, while industry bodies have highlighted its potential impact on the alcoholic beverages sector. 

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