Hotel stocks sink up to 7% after Pakistan's drone attacks in India

Synopsis

Hotel stocks plummeted, with Indian Hotels Company starring the diminution astatine 6.8%, amid escalating India-Pakistan tensions pursuing drone strikes by Pakistan. India responded with counterstrikes and blackouts successful borderline districts. These events travel India's precision rocket onslaught connected panic camps and continued ceasefire violations by Pakistan, further heightening determination instability.

Hotel stocks, including Indian Hotels Company, Chalet Hotels, and Lemon Tree Hotels fell up to 7% connected Friday amid rising borderline tensions aft drone strikes by Pakistan.

Shares of Indian Hotels Company experienced the steepest autumn of 6.8% to Rs 698.75 connected the BSE, portion EIH Ltd shares dropped 6% to Rs 334.20. Shares of Samhi Hotels, ITC Hotels and Lemon Tree Hotels were down by astir 4% each.

The diminution successful edifice banal prices followed Pakistan's drone attacks crossed parts of Jammu and Kashmir. In response, Indian authorities launched counterstrikes with blackouts successful respective districts, including Bikaner successful Rajasthan and Jalandhar successful Punjab, arsenic sirens blared and residents sought shelter.

These events travel aft India's precision rocket onslaught connected May 6-7, targeting 9 panic camps successful Pakistan and Pakistan-occupied Kashmir. Pakistan initiated unprovoked shelling on the Line of Control, resulting successful the deaths of astatine slightest 16 civilians.

Defence Minister Rajnath Singh confirmed the continuation of Operation Sindoor, stating that the violative led to the elimination of astatine slightest 100 terrorists. However, helium withheld further accusation up of an all-party gathering scheduled for May 8.

Also read: Defence stocks rally up to 4% arsenic India-Pakistan tensions flare

On Thursday evening, Pakistan besides launched an airborne battle utilizing loitering munitions against strategical locations successful Jammu and Kashmir. India countered by deploying aerial defence systems to intercept the threats.

Later astatine night, Pakistan violated the ceasefire erstwhile again, firing missiles crossed the Line of Control successful assorted regions of Jammu and Kashmir. According to defence sources, each 8 missiles targeting areas specified arsenic Satwari, Samba, RS Pura, and Arnia were successfully intercepted by Indian aerial defence units.

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