Indiabulls Securities Research is bearish on Indian Hotels and has maintained its sell rating on the stock, in its June 29, 2009 report.

"An improvement in the global macroeconomic sentiments and the return of the UPA government to power has resulted in a confidence boost for the investors. While the stock has shown some strength over the last couple of months, we continue to remain cautious on the industry prospects. Our DCF based fair value estimate of Rs 61 reflects a potential downside of 9.4% from the current market price. Hence, we maintain our Sell rating," says Indiabulls Securities' research report.

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