Hospitality major EIH Ltd, in which Reliance Industries Limited entered as a board member in 2010, registered a net loss of Rs. 18.3 crore for the quarter ended September 2012, on account of increased operational expenses.
It had registered a net profit of Rs. 16.6 crore in the year-ago period.
EIH, that owns the Oberoi Hotel brand, has slipped into the red for the first time in more than two years.
It has registered a net loss of Rs. 8.9 crore for the first half of the current fiscal against a net profit of Rs. 32.0 crore for the year-ago period.
ITC was believed to be keen to up stake in EIH.
However, in 2010, RIL entered EIH as stakeholder and bought 14.8% from the company for Rs. 1,021 crore.
In the first week of November, ITC raised its stake in EIH by 1% for Rs. 41.9 crore.
ITC bought 5.73 million shares while HSBC Bank (Mauritius) sold 5.74 million shares for Rs. 41.93 crore.