IRCTC Shares Tumble: Indian Railway Catering and Tourism Corporation Ltd.’s wild ride continues as the stock reversed from its record high and multiple rallies over the past month.
Shares of the online railway ticketing platform slumped as much as 14.3% in early trade on Monday.
On Oct. 19, the stock had gained more than 8.8% to a record high of Rs 6,396.3 apiece. That propelled its market value to Rs 1 lakh crore, albeit briefly. The scrip then dropped sharply and ended in losses. Over the next trading session, it had lost 30% from its all-time high.
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Santosh Meena, head of research at Swastika Investmart, a listed brokerage, said valuations had been “overstretched” as there was “euphoria” in this stock over the last few days.
“We know the market is not charitable enough to make you easy money every day. Therefore, we are seeing a sharp correction in this counter to take out excesses. There is some buzz that the government may also dilute some stake to get the benefit of the recent rally in this counter,” he said.
Shares of IRCTC touched an intraday low of Rs 3,960.05 apiece but pared some of the losses to trade at Rs 4,133 apiece, down more than 10%. Of the seven analysts tracking the company, six have a ‘buy’ rating, while one recommends a ‘sell’, according to Bloomberg data. The 12-month price target implies an downside of 10%.
IRCTC का शेयर आज फिर 14% गिर गया है। कुछ दिन पहले ही इसक मार्केट कैप 1 लाख करोड़ के पार पहुंचा था, जो कि अब 65000 करोड़ पर है। यानी निवेशकों को 35000 करोड़ रुपये की चपत लग चुकी है। इंडियन रेलवे कैटरिंग एंड टूरिज्म कॉरपोरेशन (IRCTC) के शेयर सोमवार को इंट्रा डे में 4,000 रुपये प्रति शेयर से नीचे चला गए। सोमवार को आईआरसीटीसी के शेयर ₹3960 के एक दिन के निचले स्तर पर पहुंच गए, हालांकि, एनएसई व बीएसई पर 14% से अधिक की गिरावट के साथ यह ₹4,091 पर कारोबार कर रहा था।
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