Lemon Tree Hotels under pressure, tumbles 12% after block deal

Around 31 million shares representing 7 per cent of the total equity of Lemon Tree Hotels changed hands on the BSE via block deal

Shares of Lemon Tree Hotels tumbled as much as 12 per cent in the intra-day trade to quote at Rs 50 apiece on the BSE on Thursday after more than 30 million equity shares of the company changed hands via block deals.

Around 31 million shares, representing 7 per cent of the total equity of Lemon Tree Hotels, changed hands on the BSE, the exchange data shows. The name of buyers and sellers, however, could not be ascertained immediately.

At 11:28 am, the stock was trading 7 per cent lower at Rs 53, as compared to a 0.72 per cent