Indian shares slip for fourth day; PVR, INOX soar on merger
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BENGALURU - Indian shares edged lower for a fourth straight session on Monday, weighed down by heavyweight financial stocks, while multiplex firms PVR and INOX Leisure surged after announcing a merger.
The blue-chip NSE Nifty 50 index was down 0.41% at 17,083.15, as of 0407 GMT, while the S&P BSE Sensex slipped 0.49% to 57,080.74.
Broader Asian markets were also under pressure after China's financial hub of Shanghai announced a coronavirus lockdown, spurring worries about a hit to global activity. [MKTS/GLOB]
In Mumbai, top private-sector lender HDFC Bank slid 1.9%, while mortgage lender HDFC Ltd fell 1.7%.
PVR jumped as much as 10% and INOX Leisure soared 20% to a record high after announcing the merger to create a giant cinema operator with more than 1,500 screens.
(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)
