PVR, INOX Shares Fall On Reporting Q4 Losses Due To Lockdown

Cinema halls are yet to re-open and are likely to see low attendance in the months amid the COVID-19 outbreak. The pain of the pandemic induced lockdown was felt by PVR and INOX Leisure in the March-ended quarter, where they reported a net loss of Rs 74.61 crore and Rs 82.2 crore, respectively.

Shares of PVR Limited fell nearly 5 percent to an intraday low of Rs 1,107.05 while those of INOX Leisure were down by nearly 8 percent to Rs 262.05 on Tuesday.

Theatres had shut shop since the second week of March, leading to zero box office collections since.

"Beginning March 11, 2020, the company started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down," PVR said in a statement on Monday.

Inox Group Director Siddharth Jain reacting to the Q4 results said, "The advent of Covid-19 has left a serious mark on our fourth quarter performance and will remain a cause of concern in the subsequent months as well."