Stocks of multiplex cinema halls slipped on Monday following the government’s decision to put cinema tickets in the 28% 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% is the highest rate under GST as fixed by the Council.
Around 2 PM, Inox Leisure traded 3.07% lower at Rs 279 per share, while PVR Cinemas traded 2.2% lower at Rs 1,485.60. The shares of Eros International traded flat at Rs 223.40 per share — up 0.22%.
The S&P BSE Teck (technology, media and entertainment) index traded at 5,722.50 points — up 31.30 points or 0.55%.