IRCTC shares tank over 10% as govt begins to offload 20% stake via OFS

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) plunged more than 10 per cent on Thursday after the government launched a share sale to offload its 20 per cent stake.

The stock ended at Rs 1,452, down 10.3 per cent. Analysts said the higher-than-excepted paper supply by the government weighed on sentiment.

Meanwhile, the 32-million share offering received bids for nearly 43 million shares. Another 3.2 million shares meant for retail investors will be auctioned on Friday.

Most of the bids came in at Rs 1,392. The centre had set the floor price for the offer for sale at