Given:
- Total students = 700
- Students drinking Limca = 180
- Students drinking Miranda = 275
- Students drinking both Limca and Miranda = 95
Using the set formula:
\[
|L \cup M| = |L| + |M| - |L \cap M|
\]
\[
= 180 + 275 - 95
\]
\[
= 360
\]
Thus, 360 students drink either Limca or Miranda.
\[
\text{Students drinking neither} = \text{Total students} - |L \cup M|
\]
\[
= 700 - 360 = 340
\]
Thus, the correct answer is 340.