Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala increased their stake in Indian Hotels to 2.1% during the December quarter as against 1.05% in September.
The trigger for this move might have been the unlocking of the economy, and the shift to branded leaders during pandemic and also consolidation being witnessed in hospitality sector with small-time players finding it hard to survive.
On Monday, the company’s scrip on NSE closed 0.75% lower at ?126.
Though the travel and tourism sector is most impacted by the impact of the Covid-19 pandemic, it will thrive again in the post-vaccine era, Indian Hotels Company Ltd (IHCL) MD and CEO Puneet Chhatwal said last month.
The travel and tourism sector is the worst-hit sector globally and is even in India expected to lose around $6 billion, he said while speaking at the CII Partnership Summit 2020.
“Future of travel and tourism is definitely bright. It is an industry which is going to thrive, the question is how do we build the bridge between now and the next 18 to 24 months, which is the post-vaccine era,” Chhatwal said.
Speaking about the survival and revival of the sector, he said reopening of the services sector in general and tourism in particular requires the industry to be safe, attractive and economically viable for all stakeholders.
News Source:- livemint