Shares of Indian Hotels Company today fell by over one per cent today after the Supreme Court allowed NDMC to e-auction five-star hotel Taj Mansingh, being run by the Tata Group firm, in the national capital.
The company's scrip lost 1.33 per cent to end at Rs 126.50 on BSE. In intra-day, it went down by 3.43 per cent to Rs 123.80.
At NSE, shares of the company slipped one per cent to close at Rs 126.55.
The Indian Hotels Company Ltd (IHCL) had on November 8 last year approached the Supreme Court against the Delhi High Court's order that had cleared the decks for auctioning of the iconic hotel in the heart of the national capital.
It suffered a setback today with the apex court allowing NDMC to e-auction the property.
Indian Hotels Company said it intends to participate in the e-auction for the Taj Mansingh property.
A bench comprising Justices P C Ghose and R F Nariman allowed the plea of NDMC that IHCL cannot have the right to refusal in the auctioning of the hotel.
The bench, however, asked the civic body to grant six months "breathing time" to the company in vacating the hotel in case they lose out in the e-auction.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)