Hotel stocks sink up to 7% after Pakistan's drone attacks in India
Hotel stocks plummeted, with Indian Hotels Company leading the decline at 6.8%, amid escalating India-Pakistan tensions following drone strikes by Pakistan. India responded with counterstrikes and blackouts in border districts. These events follow India's precision missile strike on terror camps and continued ceasefire violations by Pakistan, further heightening regional instability.
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Hotel stocks, including Indian Hotels Company Chalet Hotels , and Lemon Tree Hotels fell up to 7% on Friday amid rising border tensions after drone strikes by Pakistan.Shares of Indian Hotels Company experienced the steepest fall of 6.8% to Rs 698.75 on the BSE, while EIH Ltd shares dropped 6% to Rs 334.20. Shares of Samhi Hotels ITC Hotels and Lemon Tree Hotels were down by approximately 4% each.The decline in hotel stock prices followed Pakistan's drone attacks across parts of Jammu and Kashmir. In response, Indian authorities launched counterstrikes with blackouts in several districts, including Bikaner in Rajasthan and Jalandhar in Punjab, as sirens blared and residents sought shelter.These events come after India's precision missile strike on May 6-7, targeting nine terror camps in Pakistan and Pakistan-occupied Kashmir. Pakistan initiated unprovoked shelling along the Line of Control, resulting in the deaths of at least 16 civilians.Defence Minister Rajnath Singh confirmed the continuation of Operation Sindoor, stating that the offensive led to the elimination of at least 100 terrorists. However, he withheld further information ahead of an all-party meeting scheduled for May 8.On Thursday evening, Pakistan also launched an airborne assault using loitering munitions against strategic locations in Jammu and Kashmir. India countered by deploying air defence systems to intercept the threats.Later at night, Pakistan violated the ceasefire once again, firing missiles across the Line of Control in various regions of Jammu and Kashmir. According to defence sources, all eight missiles targeting areas such as Satwari, Samba, RS Pura, and Arnia were successfully intercepted by Indian air defence units.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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