The Maharashtra government placed a full weekend lockdown and closed cinema halls amid a spike in COVID-19 incidents, sending PVR, Inox Leisure, and other multiplex operator stocks tumbling up to 8% on Monday.
The Maharashtra government placed a full weekend lockdown and closed cinema halls amid a spike in COVID-19 incidents, sending PVR, Inox Leisure, and other multiplex operator stocks tumbling up to 8% on Monday. To combat the rapidly spreading epidemic, it has also declared the closing of private offices, theatres, and salons. “With Covid cases approaching a million, a weekend lockdown combined with the postponement of major movie releases has resulted in a dramatic drop in both PVR and Inox Leisure,” AR Ramachandran, Co-founder and Trainer, Tips2 Trades, told Financial Express Online. The Maharashtra government declared a weekend lockdown and a weekday night curfew on Sunday.
Technically, Rs 1,070 will serve as strong support for PVR, while Rs 228-230 will be a good base for Inox Leisure in the coming sessions, according to Ramachandran. Inox Leisure’s stock dropped 8% to Rs 256.60 per share, while PVR’s stock dropped more than 7% to Rs 1,144.60 per share. Shemaroo, Cinevista, Mukta Arts, Saregama India, Eros International Media.
In late morning trade, the S&P BSE Sensex dropped 2.55 per cent, or 1,274 points, to 48,767. Except for critical services shops, medical shops, and grocery shops, the Chief Minister’s Office (CMO) said in a statement that all other shops, markets, and shopping malls will be closed until April 30, 2021. Instead of ‘Mission Begin Again,’ a movement initiated by the state government last year for the phased reopening of lockdown, both of these constraints will be known as ‘Break the Chain.’
Cinemas, theatres, multiplexes, bars, video parlours, swimming pools, sports facilities, water parks, and auditoriums will also be closed, according to the guidelines.