Shares of Tata controlled Indian Hotels dropped by 4.5% today as the markets were not impressed by the company's bid for Orient-Express. The shares were last traded at Rs 67 on the Bombay Stock Exchange.
Indian Hotels Company Ltd, which operates under the renowned Taj brand, made an unsolicited $1.2 billion bid for luxury hotels group Orient-Express Hotels.
Markets were unimpressed by the huge premium that Indian Hotels is paying for Orient-Express. Apart from this the hospitality industry has not been doing too good, which could put further pressure on the company's performance.