Pooja Entertainment, the production company led by Vashu Bhagnani, finds itself embroiled in controversy and financial turbulence. Recent reports revealed Bhagnani’s sale of his seven-floor office in Juhu, Mumbai, purportedly to settle a hefty Rs. 250 crore debt. Allegations of significant layoffs, affecting 80% of the workforce due to consecutive box office failures, have also surfaced. However, Bhagnani has denied these claims.
Adding to the company’s woes, crew members from recent releases such as Bade Miyan Chote Miyan, Ganapath, and Mission Raniganj have reportedly not received their wages. Furthermore, lead actors from Bade Miyan Chote Miyan are said to be awaiting their remuneration, raising concerns about financial management within the production house.
Pooja Entertainment’s Revenue Surges To Rs 58.07 Crs In FY 2023-24, Profit Rs 8 Crs – Dalal Street In Shock
On July 2, The Economic Times disclosed further financial details of Pooja Entertainment’s fiscal year 2023-24. The company recorded consolidated revenues of Rs. 58.07 crores and profits amounting to Rs. 8 crores during this period. This marks an increase from the previous financial year, where revenues were reported at Rs. 46.6 crores with profits at Rs. 2.86 crores.
Despite these figures, Pooja Entertainment has faced a turbulent ride in the stock market. Over the past six trading sessions, the company’s stocks plummeted by nearly 36%. On Monday, shares closed at Rs. 298.85, marking a 5% decline and hitting the lowest tradable limit for the day. Interestingly, before Bollywood Hungama‘s initial report, shares of Vashu Bhagnani Industries had surged dramatically, climbing from Rs. 209 on May 24 to Rs. 410, highlighting the volatile nature of investor sentiment.
The sharp fluctuations in Pooja Entertainment’s stock prices have not gone unnoticed on Dalal Street, home to the Bombay Stock Exchange, where analysts and investors alike are questioning the stability and future prospects of the company.
Akshay Kumar Asks To HOLD His Payment Amid Financial Crisis News
In response to mounting pressures, Jackky Bhagnani, representing the company, addressed concerns in a press statement.
He confirmed that lead actor Akshay Kumar from Bade Miyan Chote Miyan has requested a temporary hold on his payment until all cast and crew members are adequately compensated.
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