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IRCTC bounces after 8-day losing streak

Business Finance

Capital Market 

The stock continuously hit lower circuits in the past eight trading sessions.

IRCTC was locked in an upper circuit of 5% at Rs 856.35, snapping its eight day losing streak. It shed nearly 34% in past eight sessions.

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

Shares of IRCTC have tanked 59% from its record high 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.

Prime Minister Narendra Modi on Tuesday (24 March 2020) called for a nationwide lockdown starting midnight. The duration of the lockdown will be 21 days. Modi said the lockdown was necessary to break the chain of the COVID-19 virus, adding that "social distancing is the only option to combat the virus outbreak".

Although Coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 472,037 people with over 21,302 fatalities. India has reported 13 deaths and over 678 cases so far.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 26 2020. 12:55 IST