Did multiplexes incur losses due to 'Brahmastra'? Here's the truth
Ayan Mukerji's Brahmastra: Part One—Shiva was released on Friday (September 9) to polarizing reviews. While several critics lauded its stupendous scale, many called it out for its juvenile dialogues and tepid script. Amidst this hullabaloo, a report claimed the shares of cinema chains like PVR and INOX tanked following Brahmastra's mixed reviews. Now, PVR CEO Kamal Gianchandani has termed this news "false and negative."
Why does this story matter?
A report on Friday claimed PVR Cinemas and INOX Leisure witnessed a 5% drop in share prices that ended at Rs. 1,833 and Rs. 494, respectively, on the NSE. PVR and INOX reportedly witnessed 2-4% growth during the week before the film's release. However, Brahmastra's reviews affected these figures. Business Insider also reported PVR and INOX lost Rs. 800cr in market capitalization on Friday.
Read the report here
Gianchandani wondered whether report was 'designed to cast doubts'
On Saturday, Gianchandani responded to the claims that Brahmastra had "misfired" and triggered a jaw-dropping Rs. 800cr loss. Gianchandani tweeted, "It amazes me, the false and negative info about [Brahmastra] on the internet and in the media. Is it a lack of understanding or is it intentionally designed to cast doubts?" In subsequent tweets, he backed up his claims with facts and figures.
'Audiences are enjoying the film,' claimed Gianchandani
Gianchandani also shared his thoughts on Brahmastra continuing its dream run at the box office. He tweeted, "The way advances/pre sales are today (Saturday), [PVR Cinemas] would easily cross Rs. 9cr NBOC [on Saturday] and Rs. 10cr NBOC on day 3/Sunday (sic)." He further set the record straight and said that "PVR is having a fabulous weekend" and "audiences are enjoying the film."
Read Gianchandani's entire clarification in this thread
How has the film been performing at the box office?
Despite calls for its boycott, Brahmastra is reportedly off to a phenomenal start at the box office. It collected a staggering Rs. 75cr (worldwide) on its first day. At the end of the second day, its collection is estimated at Rs. 78.50cr (domestic box office). If Brahmastra passes the dreaded Monday test, it will be on its way to reaching the Rs. 300cr mark!
