IRCTC m-cap tops Rs 1 trillion in intraday trade before settling 16% lower

Ends the day with a market cap of Rs 85,808 cr; stock has risen 3.3x this year; other firms in railways too come off from intraday highs amid buzz that govt is appointing a regulator for the sector

State-run Indian Railway Catering & Tourism Corp (IRCTC) on Tuesday joined the list, albeit for a while, of select PSUs to have a market capitalisation of more than Rs 1 trillion.

The company’s shares hit a record of Rs 6,393 in intra-day trade, valuing the company at Rs 1.02 trillion. The stock, however, settled 16 per cent lower from the day’s high at Rs 5,363 and finished at a market cap of Rs 85,808 crore. IRCTC, which has a monopoly in ticketing, catering and supply of packaged drinking water to Indian Railways, has seen its stock climb 3.5 times this year.

Shares of other companies operating in the railway sector, including Ircon, IRFC, Rites, also came off from their intra-day highs amid buzz that the government is appointing a regulator for the rail sector.