The shares of new participant Asian Hotels surged 74 per cent to mar its closure at Rs 421.30, zooming 74.09 per cent over its listing price of Rs 242, on the Bombay Stock Exchange (BSE) on Thursday (August 05).

The shares of the company hit an intra-day peak of Rs 99.

On the National Stock Exchange (NSE), the stock belled the day at Rs 206.65 and rallied 102.2 per cent to close its first trading day at Rs 418.

Asian Hotel plans to utilize the earnings to set up a Clarion Hotel in Pune and to part-finance a high-end hotel in the national capital, together with its associate Marriott International.

The volumes were good with approximately 36.3 lakh shares getting traded on both the stock exchanges on a day when the equity market closed the day on a negative note at 18,172.83 after registering a loss of 0.24 per cent. (With Inputs from Agencies)