Hotel Leelaventure fell 2.55% to Rs 22.95 at 9:41 IST on BSE after the company said it has missed paying interest on a loan.
The announcement was made after market hours on Friday, 19 September 2014.
Meanwhile, the BSE Sensex was down 111.61 points, or 0.41%, to 26,978.81.
On BSE, so far 40,000 shares were traded in the counter, compared with an average volume of 2.07 lakh shares in the past one quarter.
The stock hit a high of Rs 23 and a low of Rs 22.15 so far during the day. The stock hit a 52-week high of Rs 30.80 on 3 July 2014. The stock hit a 52-week low of Rs 14 on 21 November 2013.
The stock had underperformed the market over the past one month till 19 September 2014, falling 3.68% compared with 2.53% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.86% as against Sensex's 7.49% rise.
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The small-cap company has an equity capital of Rs 90.32 crore. Face value per share is Rs 2.
Hotel Leelaventure said that the company did not pay Rs 22.50 crore towards first installment of interest, which was due on 31 March 2014. Further, the company has also not paid the quarterly interest, which fell due on 19 June 2014 and 19 September 2014. The company did not give further details.
The debt is reportedly serviceable to state-owned life insurer, Life Insurance Corporation of India (LIC) and the company is seeking more time for repayment, report said.
Hotel Leelaventure reported a net loss of Rs 174.62 crore in Q1 June 2014, higher than net loss of Rs 148.55 crore in Q1 June 2013. Net sales rose 5.6% to Rs 155.44 crore in Q1 June 2014 over Q1 June 2013.
Hotel Leelaventure owns and manages The Leela Palaces, Hotels and Resorts.
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