Delta Corp extends losses on reports of Daman’s merger with Gujarat
NEW DELHI: Shares of Delta Corp extended their losses for a sixth consecutive session on Wednesday on reports of a possible merger of Daman and Diu - a coastal Union Territory (UT) - with the state of Gujarat.
The scrip was trading 6.29 per cent down at Rs 169.80 around 1.50 pm on Wednesday. Shares of the company opened at Rs 181.50 and touched an intraday high and low of Rs 181.80 and Rs 168.40, respectively.
In the past five trading sessions, share price of Delta Corp has tumbled 18 per cent to 181.20 till April 11. The scrip was trading at Rs 213.65 on April 3, 2017.
Markets believe that Prime Minister Narendra Modi during his upcoming visit to the UT on April 17 may take a decision regarding the merger. The move, if happened, will affect Delta Corp’s casino business in the region as gambling is prohibited in Gujarat.
Delta Corp operates an integrated hotel and a casino resort in Daman.
Daman is a very big market for the company, as its casino is just a few hours away from Mumbai and Gujarat. While Daman is located along the Gujarat coast, it is governed by the same gambling act prevailing in Goa, making it easy for Delta Corp to operate there.
The scrip was trading 6.29 per cent down at Rs 169.80 around 1.50 pm on Wednesday. Shares of the company opened at Rs 181.50 and touched an intraday high and low of Rs 181.80 and Rs 168.40, respectively.
In the past five trading sessions, share price of Delta Corp has tumbled 18 per cent to 181.20 till April 11. The scrip was trading at Rs 213.65 on April 3, 2017.
Markets believe that Prime Minister Narendra Modi during his upcoming visit to the UT on April 17 may take a decision regarding the merger. The move, if happened, will affect Delta Corp’s casino business in the region as gambling is prohibited in Gujarat.
Delta Corp operates an integrated hotel and a casino resort in Daman.
Daman is a very big market for the company, as its casino is just a few hours away from Mumbai and Gujarat. While Daman is located along the Gujarat coast, it is governed by the same gambling act prevailing in Goa, making it easy for Delta Corp to operate there.