Unlock 1.0: Hotel stocks spike up as Govt lifts curbs on operations from June 8

Mumbai: Hotel stocks on Monday zoomed up to 20 per cent after the government said the opening of hotels, restaurants and other hospitality services and shopping malls will start from June 8.

Chalet Hotels jumped 19.96 per cent, Indian Hotels Company Limited 11.45 per cent, EIH 6.93 per cent, EIH Associated Hotels 5.21 per cent and Taj GVK Hotels & Resorts soared 5.08 per cent on the BSE at close of trading hours.

Lemon Tree Hotels also jumped 4.74 per cent to Rs 18.80 its upper circuit limit.

The home ministry on Saturday said ‘Unlock-1’ will be initiated in the country from June 8 under which the nationwide lockdown effectuated on March 25 will be relaxed to a great extent, including the opening of shopping malls, restaurants and religious places, even as strict restrictions will remain in place till June 30 in the country’s worst-hit areas.

Unveiling the phased reopening, which the home ministry termed as ‘Unlock-1’, the guidelines said opening of hotels, restaurants and other hospitality services and shopping malls will start from June 8.