Excise duty hike in Karnataka to raise MRP of beer prices by 7-8%: Karan Taurani

​​So, if you look at the various commodities, right from barley to glass to ENA, the prices have come down or kind of stabilised. So, it makes a case in point here and increase in excise could actually have negative impact overall volume growth which will lead to lower earnings growth for the companies and eventually lower valuation multiples.