In the opening bell session, Inox Leisure was among the top five gainers on the BSE, rising almost 15% to hit an intraday high at Rs.347.50, just 3% away from its 52-week high of Rs.358.55. Volumes were up around 12.5 times.
The stock price reacted to the report in Indian Express which said that Jeff Bezos is looking at diversifying Amazon India’s entertainment business by acquiring multiple film and media distribution players like Inox Leisure.
The Indian Express report said that Inox Leisure is one of the several candidates that Amazon is looking at for its diversification exercise.
The company was quick to refute this news and issued a clarification stating:
1: There are no discussions taking place between "INOX Leisure Limited" and "Amazon", nor were there any such discussions in the past.
2. Under the circumstances, the abovementioned news item published on various platforms of Indian Express dated 2th July, 2021, is factually incorrect.
Post this clarification, the stock price saw correction and it is now trading at Rs.321,up 6%.