Multiplex Shares Rally 17 % After Government Allows Cinemas To Operate With 50% Seating
Published On: Thursday, October 1, 2020 | By: Team KnowMyStock
Shares of multiplex operators like Inox Leisure and PVR rallied up to 17 per cent on the BSE on Thursday after the government allowed cinema halls to operate with 50 per cent seating capacity under 'Unlock 5' rules released by the Home Ministry from October 15 outside containment zones adhering to the Standard Operating Procedure (SOP). Following the government's order - PVR shares rallied as much as 14 per cent to hit an intraday high of ₹ 1,395 and Inox Leisure surged as much as 18 per cent to hit an intraday high of ₹ 318.20. About 9,500 theatres have remained shut since the nationwide coronavirus lockdown started in late March. Movie industry representatives in Bollywood have said it would take at least two years for them to recover financially from the pandemic, putting tens of thousands of jobs at risk. Many big-budget Bollywood movies have been getting pushed to the next fiscal year, as falling box-office collections made production houses face a liquidity crunch.
"We are committed to ensure a safe, secure and hygienic cinema-going experience for the movie lovers of our country, as always, we would continue to assign top-most priority to the health and well-being of our guests and employees," the association said.
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