Indian Hotels shares fall after Orient-Express bid

ORIENT-INDIANHOTELS-SHARES:Indian Hotels shares fall after Orient-Express bid

Shares in Indian Hotels Company Ltd , controlled by the Tata Group conglomerate, dropped as much as 3.8% in the early trade on Friday, after the company made an unsolicited $1.2 billion bid for luxury hotels group Orient-Express Hotels .

Indian Hotels, which said it was rebuffed by Orient-Express in a recent approach to take a "significant" stake in the company, on Thursday offered $12.63 per Orient-Express share, a 40 percent premium.

Indian Hotels shares were down 3.3 percent at 68 rupees at 0347 GMT, while the main Mumbai market index was down 0.2 percent.