The IRCTC stock, which was headed towards the Rs 2000-mark, has taken a U-turn and lost more than half its value amid the ongoing coronavirus-induced market selloff and the simultaneous lockdowns across the nation in a bid to contain the contagion.
IRCTC’s stock price has over lost half its value and is down nearly 55 percent from its 52-week high of Rs 1,995 that it hit on February 25, 2020.
The stock is currently trading at about Rs 900 on the BSE. The share price had rallied over 520 percent from its issue price of Rs 320 in just four months of listing.
IRCTC’s market cap has declined to Rs 14,458 crore, over half of Rs 31,200 crore, the firm’s peak in February. The stock has lost 48 percent of its value in March alone.
Indian Railways has cancelled all passenger trains until March 31 in order to prevent further spread of coronavirus. Passenger trains, mail/express trains, premium trains, suburban trains, Kolkata metro, Konkan railways etc. stand cancelled until the end of March.
“No train except goods train will be run up to 2400 hrs of 31.03.2020. However, bare minimum suburban services and Kolkata metro Rail service will continue to run till 2400 hrs on 22.03.2020. Thereafter, these services will also be stopped till 2400 hrs of 31.03.2020,” a Railways spokesperson said Sunday.