Hotel Leela shares drop 3% on bourses

Shares of Hotel Leelaventure today fell by nearly 3 per cent as the company has not been able to pay Rs 22.50 crore as the first instalment for servicing a debt to state-owned life insurer LIC.
Hotel Leela's scrip fell by 2.12 per cent to settle at Rs 23.05 on the BSE. In intra-day session, it lost 5.94 per cent to Rs 22.15.
At the NSE, the stock went down by 2.97 per cent to Rs 22.90.
Hotel Leelaventure had on Friday said it has not been able to pay Rs 22.50 crore as the first instalment for servicing a debt to state-owned life insurer LIC and is seeking more time for repayment.

"The company was required to pay Rs 22.50 crore towards first instalment on March 31, 2014, which the company has not been able to pay. Further, the company has also not paid the quarterly interest, which fell due on June 19, 2014 and September 19, 2014," Hotel Leelaventure had said in a filing to the BSE.