Here’s Why IRCTC Shares Have Declined Almost 3% on Friday

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Here’s Why IRCTC Shares Have Declined Almost 3% on Friday
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the e-ticket booking platform for Indian Railways, IRCTC (NS: INIR ) have declined 2.65% to Rs 842.6 at 1:14 pm on Friday, after hitting an intraday low of Rs 820.35 on the NSE, down 5.2%. On the BSE, the stock was seen trading nearly 3% lower at 1:15 pm.

The fall in IRCTC’s shares is a result of a steep decline in the overall equity market due to fears emerging over a new Covid-19 variant detected in South Africa.

Following weak global cues, the Indian benchmark indices Nifty50 and BSE Sensex 30 are trading in red today, down 2.12% and 1.87% respectively at 1:20 pm on Friday. Besides Nifty Pharma , none of the sectoral indices opened in green today.

The new variant called the B.1.1529 is reported to have a significantly high number of mutations, thus leading to alarming public health implications.

Furthermore, according to IRCTC’s revised shareholding pattern released on November 17, the Government of Singapore cut off its stake held in the ticketing major’s stock, while the stake holdings of mutual funds declined by 0.69% to 4.78% in IRCTC.

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