IRCTC sinks 30% in six trading days

Shares of IRCTC hit a lower circuit of 5% at Rs 1220.95, extending its losing streak to sixth consecutive session.

The stock has slumped 29.79% in last six trading session from its previous closing high of Rs 1739.10 posted on 3 March 2020.

The outbreak of COVID-19 has made travelers reconsider going on vacation in this middle of a global pandemic, putting pressure on travel and tourism industry.

The Indian Government suspended all visas, except those issued for diplomatic, official, UN/international organisations, employment and projects till April 15. The decisions were announced after a group of ministers headed by health minister Harsh Vardhan met to review and take stock of the Covid-19 situation domestically and abroad.

According to a data provided by the Ministry of Health and Family Welfare, the total number of people who tested positive for COVID-19 stands at 73. The figure includes 17 foreign nationals.

Although coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 126,000 people with over 4,600 fatalities.

Shares of IRCTC have tumbled 38.8% from its record high level of Rs 1995 registered on 25 February 2020. The stock was listed on stock exchanges on 14 October 2019 at Rs 644, a premium of 101.25% to the IPO price.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. IRCTC operates in four business segments, namely, internet ticketing, catering, packaged drinking water and travel & tourism. The Government of India holds 87.40% stake in the company as on 31 December 2019.

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