Shares of Hotel Leelaventure tumble on poor Q1 results

MUMBAI: Shares of hospitality company Hotel Leelaventure tumbled by up to 7 per cent in morning trade on the bourses today after the company posted a net loss of Rs 26.49 crore for the first quarter ended June 30, 2011.

The results were announced after the market close yesterday.

After a weak opening, the stock dropped by 7 per cent to an early low of Rs 42.70 on the BSE. In a similar fashion, the scrip lost 6.55 per cent to trade at Rs 42.80 on the NSE.

Hotel Leelaventure yesterday posted a net loss of Rs 26.49 crore for the first quarter ended June 30, 2011.

During the three months ended June 30, 2010, the company's net profit stood at Rs 9.24 crore.

"The company has incurred a loss mainly due to the impact of interest and depreciation on account of the opening of The Leela Palace, New Delhi," it said in a statement.

Meanwhile, the BSE's 30-share Sensex barometer was trading at 17,048.66, down 81.85 points, at 1015 hours.