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Shaitan was released on 10 June 2011 across 575 screens in Mumbai. The film opened to positive response from critics and audiences, praising the direction, setting, storyline, screenplay, with praise directed on the performances and the technical aspects of the film. Additionally, it was a commercial success grossing ₹390 million against a budget of ₹110 million. Additionally, the film received nominations at several award ceremonies, in which Shaitan won five Screen Awards and a Filmfare Award. It was considered as a "cult classic" and described by film critics as "one among the film's that defined the new wave of Bollywood".