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Bollywood slashes glitz amid the gloom
komal nahata, publisher of the trade journal film information , said mumbai's big-budget production companies were renegotiating salaries, sacking staffs and delaying schedules .
the production firm tv, which reportedly agreed to pay the action star akshay kumar about $18 million for a movie, is pushing to renegotiate the contract .
industry analysts are predicting a 20 per cent drop in the number of films produced this year, though it could be more .
bollywood's trademark glitz and glamour has been overshadowed by fear as the globalso cortireconomic downturn hits the indian film industry .