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.
With Covid cases crossing the 1 lakh mark, a strict weekend lockdown coupled with postponement of big movie releases has led to a sharp fall in both PVR and Inox Leisure.
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. The Maharashtra government on Sunday announced a weekend lockdown and night curfew during weekdays. Moreover, it has announced the closure of private offices, theatres and salons to curb the fast-spreading disease. “With Covid cases crossing the 1 lakh mark, a strict weekend lockdown coupled with a postponement of big movie releases has led to a sharp fall in both PVR and Inox Leisure,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
Ramachandran added that, technically, Rs 1,070 will act as strong support for PVR and Rs 228-230 will be a good base for Inox Leisure in the coming sessions. Inox Leisure share price plunged 8 per cent to Rs 256.60 apiece, while PVR fell over 7 per cent to Rs 1,144.60 apiece. Among other multiplex operators stocks, Shemaroo, Cinevista, Mukta Arts, Saregama India, Eros International Media, Shemaroo Entertainment were down in the range of 0.2-5 per cent.
In comparison, S&P BSE Sensex tumbled 2.55 per cent or 1,274 points to 48,767 in late morning deals. The Chief Minister’s Office (CMO), in a statement, said that except for the essential services shops, medical shops and grocery shops, all other shops, markets and shopping malls will be closed till April 30, 2021. All these restrictions will be called ‘Break the Chain’ instead of ‘Mission Begin Again’, a campaign that was launched by the state government for the phase-wise reopening of lockdown last year.
Also, entertainment places like cinema halls, theatres, multiplexes, clubs, video parlours, swimming pools, sports complexes, water parks, auditoriums will remain shut, the guidelines said.
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