Shares of PVR Ltd and Inox Leisure Ltd were trading in the red zone on Wednesday despite a successful opening day at the box office for ‘Pathaan’.
The Bollywood film featuring Shah Rukh Khan was already seen in the top three for advance bookings. As per reports, PVR sold 170,000 tickets, followed by Inox that sold 144,000.
"Strong numbers for ‘Pathaan’ is a welcome sign for the Bollywood industry. We expect robust earnings for ‘Pathaan’ ( ₹350-400 million on first day, ₹1.5-2.0 billion India collections in first week). This again proves people would want to watch a big entertainer on the big screen," said Nuvama Wealth Management Ltd in its report.
However, shares of PVR Ltd and Inox Leisure were seen slipping into the red zone. Analysts believe that the stocks can further correct by 5-7 percent.
"Today's fall can be attributed to overall selling pressure in markets as traders like to keep positions light one week before Budget (February 1) as traders do not want to face any negative surprises from Budget," said an analyst.
At 10:12 IST, shares of PVR Ltd were trading 3.12 percent lower. The stock hit an intraday low of ₹1,627.10 and high of ₹1,685.00. The stock has fallen 25.08 percent from a 52-week high of the ₹2,214.8 level recorded on August 4, 2022.
At 09:53 IST, shares of Inox Leisure were down 1.24 percent. The stock hit an intraday low at ₹487 and high of ₹495.05. The shares were flat and slowly seen entering the green zone around 11:37 IST.
