PVR, Inox Leisure shares fall as Maha govt shuts cinemas

The shares of multiplex players PVR and Inox Leisure plunged on Monday post the Maharashtra government’s decision to shut cinema halls and multiplexes amid rising number of Covid cases.

Around 12 noon, shares of PVR on the BSE were trading at Rs 1,136.20, lower by Rs 100.60 or 8.13 per cent from its previous close.

Stock price of Inox Leisure was trading at Rs 263.45, lower by Rs 15.60 or 5.59 per cent.

On Sunday, the Maharashtra government announced a “week-end lockdown” across the state till April end, besides stringent weekdays norms, to combat the pandemic’s resurgence.

All agricultural, industrial manufacturing, production activities will be allowed but private offices, places of worship, restaurants, bars, pubs, cinemas, malls, shopping plazas, beauty parlours or gents salons, beaches, gardens, playgrounds, swimming pools, sports complexes, amusement parks, and other crowded places shall be shut.

The decision comes at a time when the economy and business activities were on their recovery cycle. Market players are concerned that the latest restrictions may hamper the economic recovery and impact the already-battered businesses.