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IRCTC derails 30% in seven days

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IRCTC fell 5% to Rs 858.50, extending its losing streak to seventh consecutive session.

The stock hit a lower circuit of 5% for seventh consecutive session. The outbreak of COVID-19 has made travellers reconsider going on vacation in this middle of a global pandemic, putting pressure on travel and tourism industry.

The stock has tumbled 30% in seven trading sessions from its previous closing high of Rs 1228.05 hit on 13 March 2020.

To curb the coronavirus outbreak, Railway Minister, Piyush Goyal, on 22 March 2020 announced that all passenger train services on Indian Railways including premium trains, mail/express trains, Konkan Railway, etc will be cancelled till 31 March 2020.

In an effort to stop the spread of Covid-19, complete lockdowns were announced in India's 30 states/Union Territories and a total of 548 districts.

Shares of IRCTC have tanked 57% 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.

Although Coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 382,570 people with over 16,578 fatalities. India has reported 10 deaths and over 511 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: Tue, March 24 2020. 13:55 IST