Shares of film exhibitor - Inox Leisure - rose as much as 15 per cent to hit an intraday high of Rs 347.50 on report that Amazon is planning to invest in Inox Leisure as part of its move to grow its over-the-top (OTT) content business - Amazon Prime. Indian Express newspaper citing sources reported that Amazon India is in discussions with multiple players in the film and media distribution segment, including Inox Leisure, for potentially picking up stakes in them.
Meanwhile, Inox Leisure has denied the report saying that there are no discussions taking place between Inox Leisure Limited and Amazon, nor were there any such discussions in the past. The company added that the news is factually incorrect.
Inox Leisure shares have so far this year advanced 23 per cent despite the cinema halls closed for most part of the year owing to lockdowns in the wake of second wave of Covid-19 pandemic.
Inox Leisure operates 648 screens in 153 multiplexes across 69 cities of India.
As of 12:04 pm, Inox Leisure shares traded 6.2 per cent higher at Rs 321.60, outperforming the Sensex which was trading on a flat note.