EIH stock slumps nearly 6% after Q1 net loss

Shares of EIH Ltd today fell as much as six per cent in morning trade after the hospitality major, which runs hotels and resorts under Oberoi and Trident brands, posted a net loss at Rs 12.24 crore for the June quarter.
The company had posted a net profit of Rs 21.15 crore for the April-June quarter of the previous fiscal.
Reacting to the numbers, the shares opened on a weak note at Rs 114.00, then slumped 5.89 per cent to an early low of Rs 109.30 on the BSE.
Similarly, on the NSE, the stock opened at Rs 113.70, then slipped 4.33 per cent to Rs 111.35 in morning trade.

Standalone total income from operations also declined to Rs 276.17 crore for the quarter under review as against Rs 301.04 crore for the same period a year ago.
Market experts said the fall in the counter was largely because the company reported a loss in the first quarter. Moreover, the broader market was also trading in the negative territory, which dampened investor sentiment further.
"The exceptional items for the the three months ended June 30, 2016 represents write off of assets arising out of renovation of the Oberoi, New Delhi," EIH said.
The exceptional items for April-June, 2015 represents profit on sale of property at Darjeeling, West Bengal, it added.