Indian Hotels shares fall after Orient-Express bid

Last Updated: Sat, Oct 20, 2012 18:42 hrs

MUMBAI, Oct 19 (Reuters) - Shares in Indian Hotels Company Ltd, controlled by the Tata Group conglomerate, dropped as much as 3.8 percent 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. (Reporting by Sumeet chatterjee in MUMBAI; Editing by Anupama Dwivedi)

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