PVR Limited shares dropped more than 5% when they hit an intra-day low of Rs 1832.55 after investors offloaded a 9% stake in the company through a block deal on Thursday, September 15.

The shares of the multiplex chain operator were trading at Rs 1845 on the BSE at 12 pm, which marks a drop of 4.38% from yesterday’s closing price of Rs 1929.35. This dip sees the PVR stock now underperforming its sector by 4.32%. 

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The investors who sold their stake in PVR today are Multiples PE, Grey Birch, Plenty PE, and Berry Investment, reported CNBC citing sources, and this block deal saw around 55 lakh shares of the company, worth Rs 1040.5 crore, get traded at an average price of Rs 1892 per share.

Today’s drop comes after three consecutive days of gains for the stock which were largely driven by the massive early commercial success of Brahmastra and also by the recent rejection of a complaint by the Competition Commission of India (CCI) against the proposed merger of PVR and INOX Leisure.

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The boards of PVR and INOX Leisure, which are India’s two largest multiplex operators, had approved an all-stock merger of the two giants that would see the unified entity boast a presence of more than 1500 screens across the country.

However, the CCI complaint filed by the Consumer Unity & Trust Society (CUTS) which is a public policy research and advocacy group, alleged that this merger would have an adverse effect on competition for the ‘exhibition of films in multiplexes and high-end single-screen theatres in different cities.’ 

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Today’s activity in PVR seems to have spilled over to INOX as well, with shares of INOX also down 2.7% and hitting a low of Rs 518.70.