MUMBAI: Shares of multiplex chains PVR and INOX Leisure defied the broader market trend and gained in the morning trade on Wednesday.
The rise in shares came a day after the Competition Commission of India (CCI) rejected a complaint against the proposed merger of PVR and INOX Leisure, saying apprehension of the likelihood of anti-competitive practices by an entity cannot be a subject of probe.
Shares of PVR opened on a bullish note at Rs 1,891.10, then gained ground to touch an early high of Rs 1,974.75, up 3.36 per cent from its previous closing price on BSE.
On NSE, it opened at Rs 1,905 before rising to Rs 1,960.
It gained 2.67 per cent compared to Tuesday's closing level.
Similar trend was seen on the INOX Leisure counter as well, where the stock opened at Rs 511 and jumped 6.84 per cent to Rs 550.4 on BSE.
On NSE, INOX Leisure opened at Rs 515.00 and was trading at Rs 544.75, up 5.51 per cent over its previous close.
Meanwhile, the broader market was trading in the negative territory as concerns over further rate hikes by the US Federal Reserve to tame inflation and weak global cues spooked investor sentiments.
The 30-share Sensex plunged 530.36 points or 0.88 per cent to 60,040.72 points while the Nifty declined 150.75 points or 0.83 per cent to 17,919.30 points.
The watchdog's order on Tuesday came on a complaint filed against the proposed merger that would create the country's largest multiplex chain with a network of more than 1,500 screens.
On March 27, PVR and INOX Leisure announced the merger.
However, the entities were not required to seek CCI approval for the deal as it was below the regulator's threshold levels.
Under the competition law, deals beyond certain thresholds require clearance from the regulator.