Indian Hotels drops 9 pc, Airline stocks plunge
Tata group's Indian Hotels' shares plunged over nine per cent, while shares of airlines, including Jet and Kingfisher, dropped up to six per cent in weak morning trade.business Updated: Dec 02, 2008 12:40 IST
Tata group's Indian Hotels' shares on Tuesday plunged over nine per cent, while shares of airlines, including Jet and Kingfisher, dropped up to six per cent in weak morning trade which witnessed heavy fund sell-off on weak sentiments.
Shares of Indian Hotels, the owners of the Taj chain of hotels, on Tuesday dropped by 9.26 per cent to its 52-week low of Rs 36.25 on the Bombay Stock Exchange. It was later trading at Rs 36.65, down by 8.26 per cent.
Shares of EIH Associated Hotels nosedived 12.75 per cent to an early low of Rs 57.50. Besides, Oberoi group flagship company EIH Ltd dipped 5.71 per cent from previous close to a low of Rs 94.05 in the early trade.
Weak market sentiments also impacted scrips of other hotels such as Hotel Leelaventure, which dropped 4.42 per cent to Rs 17.30 and Orient Hotels which fell 5.60 per cent at Rs 158.35 on the BSE.
Besides, shares of airline firms also dropped significantly in the range of three to seven per cent on the BSE.
Jet Airways plunged 6.72 per cent to its 52-week low of Rs 119.25, while Kingfisher Airlines and Spicejet dropped 4.55 per cent and three per cent, respectively.
The BSE benchmark Sensex plunged 325.39 points to 8,514.48 in the morning trade on heavy fund outflow. It was later quoting at 8,590.57 points.