Liquor stocks took a beating on July 7 afternoon after Karnataka Chief Minister Siddaramaiah in his budget proposed a 20 percent hike in duty on Indian Made Foreign Liquor (IMFL). He also proposed a 10 percent hike in excise duty on beer, taking the increase to 185 percent.At 1.45 pm, United Spirits was quoting at Rs 923 apiece on the National Stock Exchange, down 2.2 percent from the previous close. Globus Spirits was trading at Rs 1,260, down 1 percent, while Radico Khaitan was quoting at Rs 1,350, down 2.2 percent. Som Distilleries was quoting at Rs 291, trading 3.7 lower.In June, Som Distilleries declared that its market share in the state increased to 20 percent. Karnataka-headquartered United Spirits, in its 2023 Annual Report said Karnataka, Maharashtra, West Bengal, Odisha, Telangana, Delhi, Haryana and Punjab were among the largest consuming states for alcohol in the country. United Breweries currently commands a 54 percent market share in the country and has several plants in Karnataka.”Even after the increase in excise rates, the price of liquor in our state would be lower when compared to the neighbouring states,” Siddaramaiah, who is also the finance minister, said in his budget speech.With these hikes and effective enforcement and regulatory measures, the revenue collection target for the excise department for the year 2023-24 has been fixed at Rs 36,000 crore, he said.