Tulsian told CNBC-TV18, "In Mahindra Holidays there are no comparable peers available. But if you just want to take a call, you can compare them with the hotel stocks or maybe the past history, which we have seen in resort companies. Earlier, 8-10 years back we had seen Suman Motels, and now we have a comparable company as Country Club. Though again on the management peers and maybe on the size and all that, one cannot say that. This is strictly a comparable company. But going by the financial parameters, it had issued shares at a P/E multiple of close to 30 and we had discussed at the time of the company going public that Rs 300 itself is quite a hefty amount because they set a price band at that time of Rs 275 to Rs 325, and even at the lower band this was found to be a bit expensive. Now with the share having closed at Rs 317, I don't think that you will have fresh interest or fresh buying coming in, because a lot of opportunities are available in the secondary market in the form of hotel stocks or maybe other stocks."
He further added, "There is no compelling reason for anyone to go for this stock. Maybe once we see the market softening, maybe tomorrow or Monday-Tuesday; the price could slip below Rs 300 as well once we see selling pressure coming in from the new allottees and all that. So, honestly I am not very excited on the price and see the share maybe slipping below the offer price in the next week."
