India's PVR Inox falls on ET report on alleged kickbacks by developers
07/09/2026 05:12
BUZZ-India's PVR Inox falls on ET report on alleged kickbacks by developers ** Shares of PVR Inox PVRL.NS down 6.7% at 1,146 rupees
** Stock on track for highest intraday pct fall since February 2025
** Multiplex operator asked a senior executive to leave in April after an internal investigation into alleged kickbacks received from developers involved in the construction of cinema properties, reports media outlet The Economic Times
** Alleged payments were made over several years and could total as much as 2 billion rupees ($21.2 million), media outlet reports
** Co did not immediately respond to Reuters' request for comment
** Stock rated "Buy" on average by 16 analysts; median PT at 1,350 rupees -- LSEG-compiled data
** YTD, stock up 12.3%
($1 = 94.4450 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
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