Multiplex cinema stocks slip after being put in 28% GST bracket

Last Updated: Mon, May 22, 2017 15:53 hrs
Cinema-goers wearing 3D glasses watch a movie at a PVR Multiplex in Mumbai

Mumbai: Stocks of multiplex cinema halls slipped on Monday following the government's decision to put cinema tickets in the 28 per cent tax bracket under the Goods and Services Tax (GST) regime.

During the mid-afternoon trade session, multiplexes like Inox Leisure and PVR Cinemas saw their scrip prices fall on the BSE, while the scrip price of Eros International traded flat.

The tax of 28 per cent is the highest rate under GST as fixed by the Council.

Around 2 p.m., Inox Leisure traded 3.07 per cent lower at Rs 279 per share, while PVR Cinemas traded 2.2 per cent lower at Rs 1,485.60.

The shares of Eros International traded flat at Rs 223.40 per share -- up 0.22 per cent.

The S&P BSE Teck (technology, media and entertainment) index traded at 5,722.50 points -- up 31.30 points or 0.55 per cent.