Multi-screen multiplex operators PVR, INOX, other will suffer a fall in their revenues as the Kerala state government has decided to shut multiplex till March 31.
Over 220 release centres and 600 screens, including multiplex screens, in the state will remain shut from Wednesday.
While the decision is to keep theatres closed till March 31, there would be a review depending upon the status of Coronavirus disease control.
The state government is putting in place strict preventive measures following 14 confirmed coronavirus cases and over 1,000 persons under observation, movie theatres, in the state will be closed from Wednesday.
Office bearers of collectives of producers, distributors and exhibitors made the decision in an emergency meeting convened in Ernakulam on Tuesday.
The associations are complying with the recommendation of the state government.
Theatres are places where people gather in large numbers and when there are regulations being adopted to avoid such convergences, hence it’s best to shut down theatres for the time being.
The shutdown would affect the release of films.
Worldwide, more than 4,000 people have been killed and over 100,000 infected since the coronavirus outbreak in China.
The virus has spread to more than 60 countries, prompting the World Health Organization to raise its risk assessment to its highest level.
Incorporated in 1995, PVR, is a Mid Cap company with a market cap of Rs 8,909.59 crore operating in the Media and Entertainment sector. The market cap of INOX Leisure stood at Rs 3,866.94 crore.
Net net looking at the uncertainty in the markets following the corona virus scare it looks possible that after multiplexes the next target for the authorities could be hotels and eating joints in case the corona virus scare is not controlled in time ahead
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