Promoter shareholding remains stagnant with a slight YoY decline, which is not in line with sector averages showing no change.

Institutional ownership has decreased significantly by 1.22% QoQ and 0.38% YoY, indicating a lack of confidence from smart money.

In comparison, best-performing stocks like ITCHOTELS are experiencing substantial institutional buying, highlighting Mahindra Holidays' underperformance in the sector.