NEW DELHI: Share prices of 2 listed multiplex chains - PVR and INOX Leisure - fell over 5% on Friday, wiping out over Rs 800 crore of investors’ wealth due the combined fall in market capitalisation of the 2 firms.
The fall is attributed to negative reviews passed by analysts and movie-goers to the big-budget movie, Brahmastra: Part One- Shiva, on its first day of theatrical release.
PVR stock closed at Rs 1,834.15 apiece on the BSE, down 5.27% from the previous day closing, while Inox Leisure shut shop 5.05% lower at Rs 493.85 apiece. Made at a budget of Rs 450 crore, the movie is unlikely to make profit.
This is a big blow for multiplex operators that in recent times have been led down by dismal performances of big flicks like 'Laal Singh Chaddha', 'Liger', 'Shamshera', and 'Samrat Prithviraj'.
“'Brahmastra' is a king-sized disappointment. High on VFX, low on content [second half nosedives]…'Brahmastra' could’ve been a game changer, but, alas, it’s a missed opportunity…All gloss, no soul,” said movie critic and business analyst Taran Adarsh.
Other analysts tracking the sector expect it could end with lifetime collections of Rs 130-200 crore.