IRCTC share price has lost half of gains after Indian Railways announced resumption of services partially from May 12 and sale of tickets only through IRCTC website. Share price of IRCTC which gained 15% since Monday has slipped 8% in last two days. IRCTC share price dipped 4.56% to Rs 1326 against earlier close of Rs 1,389 on BSE today. IRCTC stock closed 3.2% lower yesterday.
IRCTC stock opened with a loss of 3.15% at Rs 1,345 today. Share price of IRCTC is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Market cap of IRCTC fell to Rs 21,318 crore on BSE. Total 0.50 lakh shares changed hands amounting to turnover of Rs 6.72 crore.
Indian Railways announced last week it would start operations of 15 passenger trains (30 return journeys) from May 12 which led the IRCTC stock to gain 15% in three sessions till May 13. On May 10 (Sunday) Indian Railways said online booking for passenger trains would start on May 11 at 4 pm.
The all air-conditioned services began on 15 Rajdhani routes -- from New Delhi to Dibrugarh, Agartala, Horah, Patna, Bilaspur, Ranchi, Bhubaneshwar, Secunderabad, Bengaluru,Chennai, Thiruvananthpuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi.
Booking facilities are available on the IRCTC website or through mobile app. Booking of tickets through 'agents', (both IRCTC and Railway) shall not be allowed. Ticket booking counters at the railway station are closed.
However, the rally came to an end after Indian Railways on May 13 cancelled all tickets for regular passenger trains, including mail/express and suburban services till June 30.
Refund for tickets booked till June 30 will be issued. The national transporter stated today that all Shramik Special trains and the special trains that started this week would ply as usual.
IRCTC share has gained 55.47% since PM Narendra Modi announced the first lockdown to contain coronavirus cases on March 24. On March 24, the stock closed at Rs 858 on BSE.
IRCTC share price fell to its all time low of Rs 815 on March 25 this year during the worst month for stock market ever as coronavirus roiled global markets. Since then, the stock has rallied nearly 70% due to value buying and recovery rally in benchmark indices.
On October 14 last year, the Indian Railways firm made its stock market debut with IRCTC share listing at Rs 644 on BSE and Rs 626 on NSE.
Bids for IRCTC shares were invited in a price band of Rs 315 to Rs 320 during the IPO held from September 30 to October 3. The issue involved sale of 2.01 crore equity shares of face value of Rs 10 each in a price band of Rs 315 to Rs 320.
The IPO was subscribed nearly 111.80 times on the last day of bidding. The IPO received bids for 225.39 crore shares compared to the issue size of 2.01 crore shares.