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Mukesh Ambani’s ‘Jio First Day, First Show’ move hits PVR, Inox; shares fall up to 10%

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After Mukesh Ambani on Monday announced at RIL’s 42nd annual general meeting (AGM) that JioFiber subscribers may soon be able to watch the 'first day, first show' of movies from the comfort of their homes, the shares of  multiplex chain operator PVR and Inox Leisure dropped as much as 8 per cent and 10 per cent, respectively in the early trading hours today. The shares of Dish TV were also down after trading resumed following a holiday on Monday. The customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres". The service would be called "Jio First Day First Show" and would roll out in the middle of 2020 and be available to all JioFiber users, RIL Chairman Mukesh Amabni had said on Monday.

After falling to day’s low at Rs 270.95 from Monday’s close, INOX Leisure shares recouped losses and were trading at Rs 295.25, down 6.20 points, or 2.06 per cent on NSE. Shares of PVR were trading at Rs 1,420.05, down 46.20 points, or 3.15 per cent on NSE after falling to the intraday low of Rs 1,345.25.

Also read: Share Market Today Live: Sensex recovers, Nifty above 11,100; RIL surges 12%

Meanwhile, the shares of Reliance Industries shares saw their biggest intraday rise in more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. RIL shares were also up on the news that Saudi Aramco plans to invest roughly $15 billion for a 20 per cent stake in its oil-to-chemicals business. The shares of RIL were trading at Rs 1,283.85, or up 121.70 points, or 10.47 per cent on NSE at the time of reporting.