The stock may have plunged more than 30% on listing, but beneath the volatility lies a powerhouse with no debt, ₹1,500 crore in cash reserves, and an ambitious expansion plan. Does it have the makings of a shrewd investment?

By Hritam Mukherjee (Reuters) -Shares of ITC Hotels fell in debut trade on Wednesday, following its spin-off from consumer goods firm ITC, valuing the luxury hotels operator at 366.2 billion rupees ($4.

ITC will continue to hold 40 per cent of ITC Hotels, while the remaining 60 per cent was distributed among the shareholders whose name appeared on the books of ITC Ltd on January 6, the day the demerg

"Today, ITC Hotels operates a bouquet of over 140 properties with over 13,000 keys in over 90 locations. It plans to expand its portfolio to over 200 hotels with over 18,000 keys over the next five years, with approximately 2/3rds salience of managed properties," it stated.

Shares of ITC Hotels fell 2.7% in debut trade on Wednesday, following its demerger from consumer goods firm ITC .

Notably, the listing price is slightly higher than Nuvama's estimate, which expected the shares to be listed at a range of ₹150-175 per share