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Nifty media index down 4%; Inox Leisure, PVR shares tank 10% each, Zeel falls 3%

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The Sensex and the Nifty50 plunged around 2.5 percent each to hit their lowest intraday level recorded since September 2. This was followed by a fall in almost all indices - Nifty media was down 4 percent led by a fall in shares of PVR, Inox Leisure, ZEEL and Hathway. Realty index fell 5 percent while oil & gas, metal, bank, auto fell 2-3 percent.

Nifty media index down 4%; Inox Leisure, PVR shares tank 10% each, Zeel falls 3%
Concerns over a new strain of the COVID-19 virus have put the domestic equity markets under pressure once again. The Nifty and Sensex fell 2.5 percent each to hit their lowest intraday level recorded since September 2 on heavy across-the-board selling amid a negative trend in global markets and unabated foreign fund outflows.
Multiplex, hotel, and restaurant stock prices have all dropped sharply as retail investors expect the situation to worsen. Nifty media declined over three percent on Friday led by a fall in the shares of PVR, Inox Leisure, Hathway and Zeel.
At 11:30 am, Nifty media was trading down by 73.30 points, or 3.17 percent lower at 2,238.35. INOX Leisure Ltd was down 32.75 points, or 7.91 percent, at Rs 381.25. PVR Limited was down 110.95 points, or 7.11 percent, at Rs 1,450.05.
Zee Entertainment Enterprises Limited (ZEEL) shares were down three percent were Hathway was down 3.25 percent.
Among other indices, the realty index fell over five percent, oil & gas, power, metal, auto, bank and capital goods indices fell 2-3 percent. While Nifty bank is down more than 13 percent from a record high hit in October, the Midcap index is down nearly 10 percent from a record high hit last month. However, pharma index was up 2 percent. 
The sharp losses come as the market began the December futures & options series, after ending a monthly series lower for the first time in four months.
Notably, multiplexes saw a comeback in their stock values only a few months ago, as people slowly started venturing out of their homes and returning to their daily routine.
Multiplexes were only permitted to open in a staggered manner with a capacity of 50 percent in October 2020. In April-June 2021, the industry took another hit as the country battled the second wave of COVID-19. Cinema halls started reopening in September 2021 again.
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