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Maharashtra Lockdowns Wipe Out Multiplex Gains in 2021

Published 06-04-2021, 09:19 am
Updated 06-04-2021, 09:22 am
© Reuters.

By Aditya Raghunath

Investing.com -- Shares of multiplex firms PVR Ltd (NS:PVRL) and Inox Leisure Ltd (NS:INOL) fell by 5.25% and 3.89% respectively on Monday, April 5, after the Maharashtra government imposed strict lockdowns in the state.

With this fall, the shares of both companies have wiped out all the gains they made in 2021. Inox closed December 31, 2020, at Rs 282.3. It is now trading at Rs 267.95 after hitting a high of Rs 346.3 on January 8.

PVR’s fall has been more severe. The stock closed on April 5 at Rs 1,173. It closed 2020 at Rs 1,320.2. PVR has fallen below its November 5 closing price of Rs 1,219.05. The stock hit a high of Rs 1,564.5 on January 20, 2021

These stocks are expected to remain volatile as the government’s new rules stipulate that all types of cinema halls and multiplexes stay shut until April 30.

In March, brokerage firm Angel Broking had assigned a ‘buy’ recommendation to PVR stock and had given it a price target of Rs 1,800. The stock was trading at Rs 1,442 at the time of the recommendation. Sharekhan had said, in March, that Inox stock could hit Rs 400. Inox was trading at Rs 312 at the time.

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