PVR, Inox Leisure shares, along with other multiplex operator stocks, tumbled up to 8 per cent on Monday after the Maharashtra government imposed a complete weekend lockdown and shut cinema halls amid COVID-19 cases surge.
Although the multiplex sector in India is not a new industry but remains a largely fragmented space with top four operators controlling only 24% of the screen share at the end of the previous fiscal year.
Cinema and leisure stocks were in focus today after the Ministry of Home Affairs issued new guidelines for opening up cinema halls, theatres and multiplexes with effect from October 15, 2020, with a 50 per cent capacity
DLF shares jumped over 2 per cent on Tuesday after the realty major said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.
Competition Commission has approved multiplex chain PVR's proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.