Stocks of movie exhibitors PVR Ltd and Inox Leisure have come under pressure amid reports of rising number of coronavirus cases in India. Sentiment around these stocks has weakened as government has asked citizens to avoid visiting crowded places to prevent the virus from spreading to others.
Negativity emanating from global markets has also affected Sensex and Nifty which have lost over 2,800 points and 850 points, respectively since February 19. This too has dented sentiment around the stocks of these multiplex players.
PVR share price which hit its 52-week high of Rs 2,121 on February 20 closed at Rs 1,707 today.
The large cap stock has lost 19.5% in nine trading sessions. Losses in PVR share price were capped today after the stock closed 2.61% or 43.35 points higher at Rs 1,707 on BSE. The stock ended at Rs 1,663.70 on Wednesday.
Similarly, Inox Leisure share price has lost 21.70 percent from its 52-week high of Rs 510.80 hit on February 25 this year. The stock closed 4.93% or 18.80 points higher at Rs 400 today against previous close of Rs 381.15.
The total number of positive covid-19 cases has risen to 30 in last few days which has worried investors that if the virus spreads , footfalls in multiplexes will take a hit.
On Wednesday, Union Health Minister Harsh Vardhan said that saliva was the main carrier of coronavirus. Harsh Vardhan warned people against taking part in huge gatherings and advised them to avoid crowded places.
In a tweet, the central government had released a lowdown on all the precautions that need to be taken in order to protect yourself from the deadly coronavirus. In the same tweet, dedicated control room number and an email id for all those who have any doubts regarding the novel coronavirus was also mentioned.