By Malvika Gurung
Investing.com -- Shares of the e-ticket booking platform for Indian Railways, IRCTC (NS:INIR) fell by about 14.32% to an intraday low of Rs 3,960.05 on Monday. The stock closed at Rs 4022.35 apiece, down by 12.98%.
The ticketing major has witnessed nothing short of a roller coaster ride in the past week, when the stock opened at a normal price of Rs 5,500 per share and soared to an all-time high of Rs 6,393 on October 19, an uptick of about 10% in only one day, as it became the ninth public sector undertaking to join the Rs 1 trillion m-cap club in India.
The next day, when investors were ready prepared for an all-time hiked IRCTC shares, the stock tanked by a total of 31% over the next two sessions due to profit booking and lost wealth worth about Rs 32,352 crore during this period.
On October 21, the shares surged again by 5%, which further dropped on Friday’s intraday trade but managed to rise marginally by 1% and closed at Rs 4,495 apiece.
Sandeep Singh Ahluwalia, an author at Investing.com shares his opinion of leaning on the bearish side of IRCTC, as the equity ‘will need a strong uptick in demand to break the resistance zone.
With its official listing on exchanges in October 2019 priced at Rs 320 a (share) piece, IRCTC’s stocks have rallied by 1,737% (as of October 19), which is more than 18 times its launch price.
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One lac crore was market cap and net profit earning not even 1000 cr for year .Be careful .Also govt can sell more shares to bring to 51 percent as it may see good time toget some big profitsLike 0
A loot by large investors of small investors.Like 4
After split it may stabiliseLike 6