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IRCTC share price loses 14% in 4 days, Rs 2,000 mark looks distant now

IRCTC share price could not withstand the negative sentiment arising out of coronavirus concerns

twitter-logoBusinessToday.In | March 3, 2020 | Updated 15:32 IST
IRCTC share price loses 14% in 4 days, Rs 2,000 mark looks distant now
IRCTC share price had risen 209.78% till February 25 compared to the listing price of Rs 644 on BSE

IRCTC share which enjoyed a dream run since listing in October last year has run out of steam in four sessions. Share price of IRCTC, which hit a fresh high of Rs 1,995 on February 25, corrected 14% or 282 points to close at Rs 1,713 on March 2, 2020. Initially when market fell on coronavirus concerns, IRCTC share bucked the trend.

For three sessions, the stock kept rallying despite fall in domestic indices.

Sensex which stood at 41,323 on February lost 1,042 points or 2.52% to 40,281 on February 25 as global markets fell on negative sentiments arising out of coronavirus.

IRCTC share price which stood at Rs 1,831.90 on February 19 rose 8.73% or 163 points to Rs 1,995  on February 25. However, the stock could not withstand the negative sentiment arising out of coronavirus concerns.

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It fell in line with global and domestic markets in the next four sessions.

IRCTC stock has gained 37.38% in last one month.

Until September 25, the stock had gained 523% over its issue price of Rs 320 from IPO held during September 30 to October 3, 2019.

The stock had risen 209.78% till February 25 compared to the listing price of Rs 644 on BSE. On October 14 last year, Indian Railways firm made its stock market debut with IRCTC share listing at Rs 644 on BSE and Rs 626 on NSE.

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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.

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