Brahmastra fails on PVR and Inox; stocks fall roughly 6%, eroding Rs 940 crore

BRAHMĀSTRA

Stocks of national multiplex chains such as PVR and Inox Leisure fell on Friday, despite slight increases in the benchmark indexes. The multiplex companies’ losses were primarily due to reports of a poor start for Brahmastra, a multi-starrer film created at the cost of over 400 crore and intended to break Bollywood’s run of failures.

PVR shares fell 5.27 percent, or 101.95 cents, to close the day at 1,834.15. During intra-day trading, the stock dropped to $1,825.90. Similarly, Inox Leisure saw its shares fall nearly 5%, or $25.70, to settle at $494.40.

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More crucially, the underwhelming debut of Brahmastra, which stars Amitabh Bachchan, Ranbir Kapoor, Alia Bhatt, Nagarjuna, and a cameo by Shah Rukh Khan, lost the two firms’ investors about 940 crore – the collective decrease in market valuation of the two listed multiplex companies.

Market analysts say the multiplex giants took a heavy hit since there were great hopes riding on the big-budget film, which was supposed to put an end to a string of Bollywood disappointments following high-profile projects such as Laal Singh Chaddha and Shamshera.

In addition, PVR and Inox Leisure recorded a combined record quarterly net box office collection of Rs. 883 crores in April-June 2022. This is a 19% increase from the 743 crores earned by the two multiplexes from net box office receipts in April-June 2019.

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As a result of the pandemic, the fiscal year 2020 figures are used as a baseline for comparison.

It was also the highest-ever quarterly net box office collection for both PVR (530 crores) and Inox Leisure (353 crores), with back-to-back South blockbusters RRR and KGF: Chapter 2 playing a vital part.

For example, KGF: Chapter 2 (in all languages) contributed 121.4 crores of PVR’s net box office collection of 530 crores, making the Kannada film PVR’s all-time top grosser.

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