PVR, Inox Leisureshare prices drop down to 8% on Tuesday. It was a volatile session. Both the operators made public the losses for the quarter ended on March 31, which is one of the major reasons for this reaction. The losses word on account of the nationwide lockdown and supply chain disruptions due to the coronavirus outbreak.
Share price of PVR slipped up to 4.6% which made it near the days low of rupees 1106 per piece on sensex. At the same time INOX leisure’s share price fell to rupees 261.3 or 7.6%. Last month, PVR shares hit rupees 719.5 which made its 52 week low while the highest was touched in February this year at the point of rupees 2121.
“Multiplex operators are facing sharp up move of 60% from the bottoms over the past fortnight outperforming the broader markets” sad Vikas Jain, senior research analyst at Reliance securities.
PVR was unable to react positively after declaring their quarterly results. With weak first quarter expected, 50% retracement of the recent approve won’t be shocking.
PVR reported a consolidated net loss amounting to rupees 74.61 crores for the quarter ended March 31 as against net profit of rupees 46.75 crore during the same quarter last year. The business seems to be severely affected due to the pandemic. On the same note, Inox also posted a consolidated net loss of rupees 8 2.15 crore for the January to March quarter in comparison to the net profit of rupees 48.08 crore last year.