IRCTC Shares Crash IRCTC shares are seeing a decline. Its stock prices have fallen by 5 percent. At the same time, the Center has decided to sell some of its stake. These shares will be brought under offer for sale.
New Delhi, Business Desk. IRCTC (State-Run Railways) Stock Falls: The recent days are not proving so good for the shares of IRCTC. The company which holds monopoly in ticket booking and supply of catering services for Indian Railways. Its share price has come down by 5 percent. The reason behind this is the recent announcement by the Center to sell 5 percent stake. As soon as this news comes, the shares of IRCTC have seen a decline.
These 5 percent shares are being brought under Offer for Sale (OFS) by the Center and a total of 4 crore equity shares will be offered for sale to investors. Significantly, its market valuation is around Rs 56,076 crore.
IRCTC shares reached the lowest level
Due to the news of the sale of shares, there has been a huge drop in the demand for the shares of IRCTC. IRCTC shares performed at Rs 700.45, down 34.25 points or 4.66%, till around 10.11 am. Thus the stock was at its day’s low, which was close to Rs 696.70. Just a day before this, the price of its shares was Rs 734.70.
Get a chance to bid today
Bidding under the OFS will be allowed for non-retail investors on December 15 and investors can bid or modify their shares till December 16. A minimum of 25% of the OFS is reserved for mutual funds and insurance companies, subject to receipt of valid bids at or above the floor price.
On the other hand, retail investors can bid on December 6. 10 per cent of the OFS is reserved for retail investors. The Exchange Offer will decide the number of shares which are eligible to be considered in the retail category on the basis of floor price.
IRCTC shares were listed in September 2019, after which there was a lot of talk about its stock. However, it started showing a decline within a short time and its shares were down 10 percent on a year-on-year basis. In October, its business was a bit flat, but the news of the reduction of the stake of the Center once again raised its stake. Stocks are falling.
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