PVR shares decline nearly 4% after downgrade

Shares of multiplex operator PVR dropped 4 per cent on Monday, following a rating downgrade by Kotak Securities.

The domestic brokerage downgraded the stock from ‘buy’ to ‘add’ and cut the target price to Rs 1,850 from Rs 2,121.

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Shares of PVR closed at Rs 1,685, down 3.9 per cent over its previous close.

Kotak Securities expects the company’s profitability and margins to come under pressure due to weakness in Bollywood box office collections. Business Standard