Indian Hotels scrip plunges 17 per cent on BSE
28 November 2008
Mumbai: Shares of Tata group company Indian Hotels plunged as much as 17 per cent on Friday, in the aftermath of the terrorist attacks on the flagship of the group Hotel Taj, in Mumbai, the country's financial capital.
The Indian Hotels stock hit a 52-week low at Rs40 on the Bombay Stock Exchange. Over 26 lakh shares of Indian Hotels changed hands at the exchange today.
The fall in Indian Hotel scrip, pulled most hospitality and airline stocks. Shares of airlines, including Jet and Kingfisher, dropped up to six per cent, following the terrorist attacks on Mumbai.
Scrips of other hotels also fell. Hotel Leelaventure ended down three per cent at Rs17.45 and Orient Hotels ended down 9 per cent at Rs152.05 on the BSE.
However, shares of East India Hotels Ltd (EIH) recovered to close 5.22 per cent up at Rs97.75 after dipping as much as 10 per cent to an intra-day low of Rs83.15.
Shares of EIH Associated Hotels, which had plunged 10.14 per cent to an intra-day low of Rs52.70, recovered to settle at Rs59.80, up two per cent on the bourse.
Jet Airways scrip closed down 6.13 per cent at Rs129.45 while Kingfisher Airlines and Spicejet dropped 5.66 per cent and 5.05 per cent, respectively.