Mumbai, Sep 30 (NationPress) Shares of media and entertainment firms such as Prime Focus Limited and PVR Inox Limited witnessed a decline of up to 5 percent during intraday trading on Tuesday, following an announcement by US President Donald Trump regarding a 100 percent tariff on films produced outside the United States.

This decision is expected to significantly affect Indian companies that export films in various local languages to the US, as they derive substantial revenue from the diaspora.

The shares of Prime Focus Limited plummeted by 5 percent, reaching a lower circuit limit of 175.94 on the NSE. The stock began the day slightly lower at Rs 184.98, compared to the previous session's close of Rs 185.20. Over the past week, the scrip has dropped by more than 5 percent, although it has risen by over 21 percent in the last month.

In a similar trend, PVR Inox shares fell by over 3 percent in early trading, opening at Rs 1,090 on the NSE, down from the prior close of Rs 1,100.90. The stock hit an intraday low of Rs 1,067.70 following a sell-off in media stocks.

Simultaneously, the Nifty Media Index experienced a decline of over 1 percent, trading at 1,540.80, down 1.36 percent around 1:41 PM.

Earlier, the US President remarked on the social media platform Truth Social that other nations have "stolen our movie-making business from the United States of America, just like stealing candy from a baby".

Trump further emphasized his intent to impose a 100 percent tariff on all films produced outside the United States to address this ongoing issue.

The initial threat of tariffs was introduced by the US president in May, but no schedule for implementation has been established yet.

This announcement follows the recent imposition of fresh 100 percent tariffs by the US administration on certain pharmaceutical products.