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PVR, Inox holiday collapse for second straight season on lockdown fears

PVR, Inox holiday collapse for second straight season on lockdown fears

PVR shares closed down 0.2 per cent at Rs 1,375.

Shares of film exhibitors such as PVR and Inox Leisure plunged for the second season in a row on Tuesday with fears that the Maharashtra government may again implement a lockdown in the state after resurgence in transition out of fear of a second wave of disease. Maharashtra Chief Minister Uddhav Thackeray on Sunday called the situation of coronovirus in the state “grim” and warned that the lockout would have to be re-enforced if daily Kovid cases continue to rise over the next two weeks.

Analysts said PVR has fallen by 8 per cent in the last two trading sessions and fear of a lockdown has led to a 9 per cent drop in Inox Leisure, which would mean closing cinema halls and other venues for social gatherings.

After a gap of three months, Maharashtra, which has the highest number of coronovirus cases in the country, reported more than 6,000 daily cases on Friday. On Sunday, the state recorded 6,971 cases and 35 deaths. Mumbai, the state capital, logged 921 infections.

Amravati district of Maharashtra was closed for a week on Monday amid rising cases of COVID-19 in the state.

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The lockout in Amravati was announced until February 28, hours after the district administration shut down schools and coaching centers in Pune. Deputy Chief Minister Ajit Pawar held a meeting with senior officials and assessed the COVID-19 situation in the district before taking a decision.

By 10:06 am, PVR shares were down 0.2 per cent to Rs 1,375 and Inox Leisure closed down 1 per cent to Rs 303.

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