PVR dips 4% on profit booking after CRISIL downgrades credit ratings

The stock had recently high a fresh 52-week high at Rs 1,631.85 on the back of upbeat sentiment in media shares.

Shares of PVR were down 4 per cent ato Rs 1,505.90 on the BSE in Friday’s intra-day trade on profit booking after rating agency CRISIL downgraded its ratings on the bank facilities and debt programmes of the multiplex operator. In past four trading days, the stock had rallied 13 per cent till Thursday and had also registered a fresh 52-week high at Rs 1,631.85 during the period.

“The rating action reflects CRISIL Ratings’ expectation of weakening of PVR’s business risk profile over the medium term. Prolonged restriction on operations both in terms of time and capacity along with delayed