Shares of India’s largest multiplex PVR crashed more than 12% while share prices of Inox Leisure and Mukta Arts slid up to 14% after Maharashtra minister raised a voice to act against multiplexes if they don’t allow people to carry their own food inside the cinema halls, TV channels reported. Following the stern warning of action against the multiplex operators, shares of PVR, Inox Leisure and Mukta Arts cracked saw steep declines. Maharashtra state minister issued the aforementioned statement in a state legislative meeting.
The stock of PVR tumbled 12.4% to a day’s low of Rs 1,224, shares of Inox Leisure slipped 14.03% to a day’s bottom of Rs 217 (52-week low share price: Rs 213.3) and stock of Mukta Arts fell 5.86% to a day’s bottom of Rs 41 (52-week low share price: Rs 40.75) on BSE today.
“People would be allowed to carry food items along with them in cinema halls and in multiplexes in Maharashtra. State Government to formulate policy on what action is to be taken against halls/multiplexes which don’t comply,” ANI said in a tweet.
People would be allowed to carry food items along with them in cinema halls and in multiplexes in Maharashtra. State Government to formulate policy on what action is to be taken against halls/multiplexes which don't comply
— ANI (@ANI) July 13, 2018
Following the reported statement, Mukta Arts has said have not heard anything w.r.t carrying own food in multiplexes, & to call this a ruling is a bit premature, CNBC TV18 reported. The government will need to engage with multiplexes before taking such a call & if a ‘ruling’ does come, it might be a precedent for rest of the country, Mukta Arts said further.