Not so sweet: Tate and Lyle share price drops after sugar tax announcement... despite not owning a sugar business anymore

 
Francesca Washtell
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Tate And Lyle
Tate and Lyle sold its sugar refining business in 2010 (Source: Getty)

Despite no longer owning a sugar company, Tate and Lyle's share price took a tumble immediately after the announcement of a surprise sugar tax in today's Budget speech.

George Osborne announced the levy against soft drinks during his speech in the Commons today and, although the company sold its sugar business almost six years ago, Tate and Lyle saw their share price momentarily drop on the tax announcement from 567.50 to 556 between 1.20 and 1.26pm (below).

16 March 2016 @ 2:15pmTate & Lyle (TATE)

Share prices climbed most of the way back up within an hour of the announcement, reaching 566 by 3pm.

In July 2010 Tate and Lyle announced the sale of its sugar refining business, including the rights to use the Tate & Lyle brand name, to American Sugar Refining for £211m.

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