Bollywood virtually came to a standstill as 75 per cent of production activities were stalled following the deluge.
At least 12 scheduled movie shoots were cancelled due to flooding in the studios while cinema halls across the city were empty as people stayed at home.
The worst hit were the producers of daily television soaps who generally shoot a bank of episodes every day.
Trade analysts said box office collections took a dive in the wake of the unprecendented heavy rains. The box office collections of films like Seher, Yahaan, 7 1/2 phere which were released on July 29, three days after the deluge, were badly hit.
Similarly, the second week collections of the Amitabh-Sharmila starrer Virrudh also took a beating as moviegoers preferred to stay away from cinema halls.
''Combined with weak box office performances, temporary closure of several studios, cancellation of shoots and damage to lighting, costume and film equipment in studio warehouses resulted in losses, ''trade sources informed.
Shooting of KBC 2 and Ravi Chopra's Babul had to be cancelled.
KBC 2 had begun shooting late because Amitabh Bachchan was in Bangkok for the shooting of Ajnabee.
The western and central suburbs of Mumbai, where the entire Bollywood industry -- including stars, producers and studios -- is situated -- recorded a rainfall of 945 mm in 24 hours, the highest rainfall in a day in 100 years.
Shootings at Film City, the area set aside by the state government for the creation of movie sets and for film shoots, was halted.
Three other studios, Filmistan, Filmalay and Shankaraman Studios, in the western suburbs, were closed, as no one was able to reach them due to the rains.
Most stars were caught up in the chaos, spending hours stuck in their cars trying to reach home on Tuesday night and Wednesday.
Aamir Khan, Ajay Devgan were stuck in traffic due to water logging and John Abraham and Aftab Shivdasani had to walk to their destinations in waist deep water.
Superstar Amitabh Bachchan also suffered as his two bungalows were flooded, damaging his personal belongings. Yash Chopra's bungalow had no electricity for two days.