Asian Hotels West Ltd announces temporary shut down of Hyatt Regency, Mumbai

Asian Hotels West Ltd had defaulted Yes bank due installment on 28th April, 2021 (for the first time in its history) due to the massive effect of COVID-19 pandemic on the Company, entire hotel industry across the country and globe.

Since then, Yes bank has hold all funds including daily hotel collections in the escrow account and the Company / Hotel is not allowed to make any payment including government taxes {like GST, VAT, TDS, PF, ESIC, etc.}, vendors payments, on roll employees' salaries (more than 300 hotel and corporate employees) and other critical hotel services from the said account. The Yes bank has only made some payments from Company's escrow account, towards Hotel's Electricity, Water and Gas charges.

Shares of ASIAN HOTELS (WEST) LTD. was last trading in BSE at Rs.209.7 as compared to the previous close of Rs. 241.05. The total number of shares traded during the day was 24034 in over 1376 trades.

The stock hit an intraday high of Rs. 235 and intraday low of 202.05. The net turnover during the day was Rs. 5071808.

Source : Equity Bulls

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