PVR INOX Shares Drop: Shares of the multiplex chain PVR INOX Limited fell on Tuesday, marking their sixth straight day of losses. The stock closed 2% lower at ₹994.50 after news that its promoter had pledged a block of shares. Earlier in the day, it had dropped to an intra-day low of ₹992.70.
Why Did the Promoter Pledge Shares?
In a regulatory filing, PVR INOX disclosed that its promoter, Ajay Kumar Bijli, created an “encumbrance” on December 24 by pledging 4 lakh equity shares. This means he has taken a personal loan using these shares as collateral.
Of the total 4 lakh shares, 3,10,407 are pledged with Infina Finance Private Limited. The remaining 90,037 shares are with HSBC InvestDirect Financial Services India Limited.
The company clarified that this loan is for the promoter’s personal needs and is not connected to the company’s operations or finances.
A Stock Already Under Pressure
This development comes at a time when PVR INOX shares have been performing poorly. The stock has fallen nearly 25% over the past year, worrying investors. In the last month alone, it has given a negative return of 9.38%. The company’s market capitalisation has also shrunk to around ₹9,830 crore.
A Silver Lining: India’s Highest Cinema Opens
Amid the share price weakness, PVR INOX achieved a significant milestone. It has opened the country’s highest-altitude cinema hall with its first multiplex in Ladakh.
Located at 11,500 feet in Solar Colony, Saboo, on the Leh-Manali Bypass Road, this marks PVR INOX’s official entry into the region.
The new two-screen multiplex will run on the company’s Franchise Owned Company Operated (FOCO) model. Both auditoriums are equipped with 2K projection, Dolby 7.1 Surround Sound, and next-generation 3D technology.
PVR INOX’s Managing Director, Ajay Bijli, said, “There are very few places in the world that offer a backdrop as extraordinary as Ladakh. Bringing world-class cinema to 11,500 feet demonstrates our commitment to reaching audiences everywhere.”
