India's PVR Inox falls on media report of alleged kickbacks by developers
BUZZ-India's PVR Inox falls on media report of alleged kickbacks by developers Updates
** Shares of PVR Inox PVRL.NS close 6.1% lower at 1,152 rupees
** Stock's highest intraday pct fall since April 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), according to report
** A preliminary examination by external third party experts did not indicate any evidence of kickbacks, co says in an exchange filing
** Stock rated "Buy" on average by 16 analysts; median PT at 1,350 rupees -- LSEG-compiled data
** YTD, stock up 13.6%
($1 = 94.4450 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
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