IRCTC sinks nearly 26% in four days

IRCTC was locked in a lower circuit of 5% at Rs 1290.70, extending its losing run to fourth consecutive session.

The stock has slumped 25.78% in last four 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 number of coronavirus cases in India rose to 43 on Monday with four people, including a three-year-old child in Kerala who had returned from Italy, testing positive for the disease, Health Ministry officials reportedly said.

Although coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 100,000 people with over 3,800 fatalities.

Shares of IRCTC have tumbled 35.3% 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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