MUMBAI: Shares of PVR and Inox Leisure, two of the country’s largest theatre-chain owners, fell on Tuesday as investors were skeptical about the sector’s recovery in light of stricter-than-expected restrictions imposed in Maharashtra to control the rise in Covid-19 cases.
Maharashtra on Sunday shut down theatres and multiplexes in a bid to curb rising infections. With cases rising in most other parts of the country, investors fear more restrictions on operations of theatres may come soon.
The state government’s move will further cripple the nascent recovery in the theatre business, while it will now raise concerns over the companies’ ability to remain operational if the current restrictions were extended.
The PVR stock was down 3.3 per cent at Rs. 1,137 on the National Stock Exchange, while that of Inox Leisure traded 1.4 per cent lower at Rs. 262.9.
