Multiplex stocks tumble after Maharashtra Govt shuts cinema halls

Shares of theatre stocks saw heavy selling after the Maharashtra state government ordered shutting down of cinema halls, theatres and multiplexes for public access until further notice to bring the spread of Covid-19 under control.

Shares of PVR tumbled 6.97% to Rs 1150.55 while Inox Leisure declined 6% to Rs 262.30.

The state government released 'Break the Chain' guidelines on Sunday to tackle COVID-19 surge across the state. As part of this guidelines, the government said entertainment places like cine-plex, theatres, amusement parks, video game parlours will be closed. The guidelines which will come in force from 5 April 2021 will remain in force till 30 April 2021. The restrictions also include a ban on gatherings of five or more people throughout the day. Essential and medical services are exempt from this.

Yesterday, Maharashtra reported its highest single-day rise of COVID-19 cases at 57,074 positive cases that emerged in the past 24 hours. Additionally, the daily fatalities also climbed to 222 in the central state. With the addition of new infections, the overall caseload in Maharashtra has reached 30,10,597, and the state has reported 55,878 deaths due to coronavirus so far.

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