The share price of Indian Railway Catering and Tourism Corporation (IRCTC) declined over 5 percent on Friday amid a sharp fall in overall equity market on renewed fear over a new COVID-19 variant.
After opening lower at Rs 846.35, the IRCTC stock price hit the day’s low of Rs 820.10 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), the shares fell to Rs 820.35 apiece intraday, down 5.22 percent.
At 11:23 am, IRCTC shares traded 3.49 percent lower at Rs 835 apiece on the BSE. The benchmark Sensex index was 2.23 percent down at that time.
Global markets traded largely negative due to emerging fear around a new heavily mutated COVID-19 variant that has been detected in South Africa, raising concerns all over the world.
Following weak global cues, the Sensex opened nearly 1 percent or 540 points lower at 58,254. Nifty50 index declined over 197 points or 1 percent to 17,338. The broader market indices were trading over half a percent lower in early trade. Among sectors, all the indices opened in the red, except Nifty Pharma. Companies into hotel, travel and tourism, and entertainment business witnessed sharp losses.
Mutual funds as of November 5 pared stake by 0.69 percent to 4.78 percent in IRCTC as compared to September 30. The GIC, formerly known as the Government of Singapore Investment Corporation, also pared stake in the state-run company, as the government had held a 1.36 percent stake until September 30, but its name didn't appear in the updated shareholding filing.
IRCTC stock was split recently with equity shares of Rs 10 face value divided into five equity shares of Rs 2 each. The stock split was aimed at making it affordable, boosting liquidity in the capital market and to widen the shareholder base.
First Published: IST