PVR stock gives up early gains; ends nearly 4% down

Erasing all early gains, shares of multiplex operator PVR ended nearly 4 per cent lower today, a day after it acquired real estate major DLF's DT Cinemas for Rs 500 crore.
After surging 5.53 per cent to Rs 703.30 in intra-day trade, shares of PVR reversed the rally and finally ended at Rs 641.85, down 3.68 per cent, on the BSE.
On the NSE, the stock ended 3.22 per cent lower at Rs 645.20.
Market players said that emergence of profit-booking pulled down the stock.
PVR Ltd yesterday acquired real estate major DLF's DT Cinemas for Rs 500 crore in yet another consolidation in the cinema exhibition business in India.

PVR, which had in February 2010 aborted a similar deal with DLF, yesterday signed definitive agreement with the realty major to acquire 39 screens of DT Cinemas with a total capacity of around 9,000 seats.
It is PVR's second major acquisition after acquiring Cinemax for Rs 395 crore in 2012.
Post DT-acquisition, PVR will have presence in 44 cities with 115 multiplexes and 506 screens.