IRCTC’s share price fell by 29% due to this one move of the Ministry of Railways, the decision had to be withdrawn
IRCTC Share Price: The Railway Ministry had asked to share the convenience fee.
Mumbai:
Ministry of Railways A demand of government partner company of catering, tourism and ticketing IRCTC (Indian Railways Catering and Tourism Corporation) brought a big fall in the shares. However, after seeing such a fall, the news came that the ministry has withdrawn its demand. IRCTC shares had fallen 29% in early trade on Friday and reached intraday low i.e. the lowest level of the day with a price of Rs 650.10 per share. In fact, IRCTC had informed the stock exchanges on Thursday that the Ministry of Railways has asked the company to share half of the profit from the convenience fee with it.
read also
IRCTC had said in an exchange filing on Thursday evening that the Railway Ministry has asked it to share the revenue received on its conveyance fee in the ratio of 50:50 with effect from November 1.
However, when IRCTC shares fell, after that a tweet from the Department of Investment and Public Asset Management (Department of Investment and Public Asset Management) was told that the Railway Ministry has withdrawn the demand made on the convenience fee revenue. After this, there was a recovery in the shares of the company.
Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee pic.twitter.com/HXIRLxXTlL
— Secretary, DIPAM (@SecyDIPAM) October 29, 2021
Let us tell you that at 11.32 in the morning, the company’s shares had fallen by 4.61% or 42.15 and the stock was trading in the red mark at Rs 871.35 per share.
read this also: Railway has come up with a solution for those who eat paan-gutkha! Now instead of train or platform, spit in the pouch, this is the plan
In the last trading session, split trading of IRCTC shares was started, after which its shares had gained 20 percent on Thursday. The company’s shares got split in the ratio 1:5. The split was announced by the IRCTC board on August 12. It was also approved by the Railway Ministry. Stock split process took two months
From ticket booking to food, catering, staying facility etc., the government company IRCTC runs an umbrella rule in the railways.
Video: Railway is earning lakhs of rupees due to garbage disposal, the contract is for 5 years with a private company