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IRCTC share price: Why stock of Indian Railways firm may not hit Rs 2,000 today

BusinessToday.In     February 24, 2020

IRCTC share price fell in early trade today on profit booking amid sinking domestic and global markets hit by rising Coronavirus infections and deaths in South Korea, Italy and the Middle East. Share price of IRCTC lost 6.11% or 117 points to Rs 1,810 compared to the previous close of Rs 1,927 on BSE. Market capitalisation of the Indian Railways firm fell to Rs 30,273 crore on BSE today.

The large cap stock has gained 103.82% since the beginning of this year. In the last one month, IRCTC share price has gained 83% on BSE.  IRCTC stock had rallied to Rs 1976, its all-time high, on February 20. The fresh high was 207% higher than the listing price of Rs 644 on BSE.

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On January 16 this year, the Indian Railways stock hit Rs 1,000 for the first time ever a day ahead of launch of India's second private train Ahmedabad-Mumbai Central Tejas Express. The Indian Railways firm made its stock market debut on October 14 last year with IRCTC share listing at Rs 644 on BSE and Rs 626 on NSE against the issue price of Rs 320.

IRCTC IPO was open for subscription between September 30 and October 4 in 2019. The issue involved sale of 2.01 crore equity shares of face value Rs 10 each in a price band of Rs 315 to Rs 320. The public issue was part of the government's divestment programme for fiscal year 2019-20.

Meanwhile, domestic markets followed bearish trend from Asian stocks that opened negative following the sell-off on Wall Street on Friday amid a surge in the number of new coronavirus cases reported outside China and on worries over its impact on the global economy.

Sensex and Nifty plunged in early trade today. While Sensex slipped 497 points to 40,673, Nifty declined 131 points to 11,949.

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Written by Aseem Thapliyal

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