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Shares of multiplex and resort operators cracked as much as 15 per cent, hitting their respective 52-week low on the BSE on Monday, amid extension of the lockdown and disappointment with the stimulus package deal. The central authorities on Sunday prolonged the nationwide lockdown by two extra weeks until Might 31 to forestall the unfold of coronavirus.
Weighed down by the event, shares of multiplex operator PVR plunged 12.86 per cent to hit 52-week low of Rs 743.35, whereas Inox Leisure inventory tumbled as a lot as 15.29 per cent to the touch a brand new low of Rs 163.7.
In the same development, Tata Group’s Indian Accommodations, Lemon Tree, Wonderla Holidays, Benaras Accommodations, Chalet and EIH from the resort sector additionally contact their contemporary 52-week low.
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As compared, the S&P BSE Sensex was down 2.41 per cent, or 748 factors, at 30,349 at 2:15 PM.
The aviation inventory additionally witnessed surge in promoting as authorities’s Rs 20 lakh crore financial package deal did not ship speedy liquidity assist to the airways, which has hit turbulence because of suspension of business flights. In wake of the prolonged lockdown in India, Directorate Normal of Civil Aviation (DGCA) has prolonged prohibition on home passenger flight operations until 11:59 pm of Might 31, 2020. All industrial passenger flights have been suspended in India since March 25, when the lockdown was first imposed to comprise the unfold of novel coronavirus.
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Weighed down by the event, shares of InterGlobe Aviation, mum or dad agency of IndiGo, slipped 13.56 per cent to Rs 850.30 on the BSE, whereas SpiceJet was locked within the 5 per cent decrease circuit band at Rs 43.45 apiece.
Finance Minister Nirmala Sitharaman on Might 16 introduced slew of measures for the aviation sector however none of those could present speedy aid to the crisis-hit airline firms. Most of home aviation firms corresponding to IndiGo, GoAir and SpiceJet, have been compelled to chop salaries or ship employees on depart with out pay because of suspension of companies in wake of coronavirus pandemic.
By Chitranjan Kumar
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