conclusion that the spread and containment of Covid-19 is far beyond our initial estimates. The rising number of Covid-19 cases in India, extended country-wide lockdown and gradual pace of relaxation even after 3 rd May are resulting in another round of estimate changes for multiplexes. We believe that sustained case increases across the globe and in India will continue to create a fear psychosis in the mind of consumers, which will keep them away from cinemas for a longer period of time. Global surveys (Exhibit 26) also...