Multiplex stocks tank

Multiplex stocks were one of the biggest casualties in the market slump from highs on Friday following reports of two new confirmed cases of coronavirus in the country.

Prior to this India has had only three confirmed cases and news of the two new cases spooked investors on concerns that the spread on a large scale in India would lead to lesser footfalls as people would tend to avoid public places. Inox Leisure slumped 13 per cent to Rs 374.10 and PVR declined 9 per cent to Rs 1,735.10.

“There are two reasons for the fall. One, these stocks had rallied sharply and also new coronavirus cases have been reported in India,” said Abneesh Roy, senior VP-institutional equities at Edelweiss. “Right now, there is more of panic selling.”


PVR shares have gained 13 per cent in the last one year and Inox Leisure gained 31 per cent.