On Thursday’s Intra-day trade, shares of PVR fell 5% to Rs 1,838 on the BSE after 10 million plus equity shares changed hands on the NSE and BSE. The S&P BSE Sensex was down to 0.46% at 60,067 points. In the last three days, the stock gained 5%.

Till 10:57 am, an overall 10.25 million equity shares, representing 16.78% of the total PVR equity, changed hands on the NSE and BSE. The buyer’s and seller’s names were not determined immediately. After Thursday’s decline, the stock corrected 17% from its 52-week top level of Rs 2,211.55, which touched on August 4, 2022.

As per a report by CNBC, Awaaz’s four investors in PVR offloaded a 7.7% stake in the company through block deals on September 15. It reported that the investors selling the company’s stake include Multiples PE, Gray Birch, Plenty PE, and Berry Invt. According to June 2022 shareholding pattern, Gray Brich Investment held 2.2 million, i.e. 3.6%, while Plenty Private Equity FII held 1.52 million, i.e. 2.5% stake in PVR.

“As Bollywood has seen a trough in the past, it is witnessing a weakening in movie collections again this time. Moving forward, while the movie pipeline looks healthy, audience acceptance is a key priority. If the Bollywood content performance to the audience continues to be poor going ahead, it will lead to further earnings cuts and de-rating for PVR and Inox. A timely merger remains critical,” said Emkay Global Financial Services analysts, after they trimmed FY23 revenue estimates for PVR/Inox by 11-12%, but maintained FY24/FY25 estimates, hoping the trend-reversal in the Bollywood content delivery towards the audience.