On June 8, Lemon Tree Hotels’ share plunged 2% in the early trade after the hotel chain contracted a licence agreement for a 60-room property in Andhra Pradesh.

The Rajamundry property, which will function under the Lemon Tree Hotel brand, is anticipated to be in business by Q3FY25. Carnation Hotels Private Limited, an exclusively owned subsidiary and the hotel management arm of the firm will function the property, which will also comprise the restaurant, a banquet hall, meeting rooms, a swimming pool, a gym and other public areas, the company said.

Earlier this month, Lemon Tree broadcasted the inauguration of Lemon Tree Hotels in Agra and Bhopal.

At 9:32 am, Lemon Tree Hotels was trading at Rs 94.34, up Rs 1.59, or 1.71% on the BSE. The share moved a 52-week high of Rs 103.30 and a 52-week low of Rs 58.30 on December 1, 2022, and June 20, 2022.

It traded 8.67% below its 52-week high and 61.82% above its 52-week low.