Business

Irctc shares fall more than 5%, here’s why


The Indian Railway Catering and Tourism Corporation (IRCTC) share price fell more than 5% on Monday. After opening lower at Rs 786.25, IRCTC’s share price corrected further, hitting the day’s low of Rs 750.05 on BSE. However, it ended the day down to Rs 775.55, down 5.82%.

On the NSE, the PSU’s share price fell to Rs 750.55 each in one day. Later it fell for the day to Rs 776.26, down 5.69%.

Meanwhile, Indian stock benchmarks Sensex and Nifty50 ended a choppy session higher on Monday, rebounding from their worst all-day plunge on Friday following the news of a new COVID variant, Omicron. Gains in IT, oil and gas, and some financial windows were offset by losses in consumer and pharmaceutical names.

Larger markets fell with the Nifty Midcap 100 index ending down 1.4%. Its small-cap counterpart was down 2.6 percent.

As of November 5, mutual funds reduced their stake in IRCTC from 0.69% to 4.78% compared to September 30. The GIC, formerly known as the Government of Singapore Investment Corporation, also reduced its stake in the state-owned company, as the government had held. a 1.36% stake until September 30, but his name did not appear in the updated shareholder record.

IRCTC shares were recently split with shares with a par value of Rs 10 divided into five shares of Rs 2 each. The stock split aimed to make it affordable, increase liquidity in the capital market and broaden the shareholder base.

The stock has corrected over 10.5% in the past five days, while the year-to-date return on PSU stock remains above 173%.

(Edited by : Ajay Vaishnav)

First publication: STI


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button