NEW DELHI: Shares of Inox Leisure and PVR fell up to 4.2 per cent on Tuesday after Mukesh Ambani unveiled "a disruptive concept" for watching new movies at home on the release day as part of Reliance Jio Fiber premium offering.
Inox Leisure dropped 4.22 per cent to close at Rs 288.05 on the BSE. During the trade, it tanked 9.89 per cent to Rs 271. Shares of PVR declined 4.10 per cent to close at Rs 1,406.15.
During the day, it tumbled 8.21 per cent to Rs 1,345.80. Markets were closed on Monday on account of Eid al-Adha.
Ambani on Monday announced the rollout of Jio Fiber from September 5. As part of Jio Fiber's premium offering - Jio First Day First Show - customers would be able to watch movies at home on the release day itself.
This service will be launched in mid 2020.
The country's largest multiplex operator, PVR which runs nearly 800 screens in the country, stated that theatrical and at-home are two completely different experiences and each has its own place.
Inox Leisure pointed out that producers, distributors and multiplex owners in India have mutually agreed to an exclusive theatrical window of eight weeks between the theatrical release of a movie and release on any other platform.