the IRCTC, which led to stocks recovering after falling by up to 40% in intraday trading. The IRCTC had announced the revenue-sharing formula with the government in the release attached below:
After this, the share price dropped by 25% today at 10.10 AM, reaching ₹685.15 against the previous close of ₹913.50. It has now recovered to ₹853.70. Investors were spooked by government ‘interference’ in PSU stocks and some commenters said that shareholders’ returns were not the primary objectives of PSU companies and investors should thus be careful
Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee pic.twitter.com/HXIRLxXTlL
— Secretary, DIPAM (@SecyDIPAM) October 29, 2021
The market capitalisation of the ticket booking and catering service company for the Indian railways fell by ₹1800 crore as a result of the drop in share prices. It has been announced that senior officials of IRCTC will have a meeting with the Railway Ministry today, Friday, at 4 PM.
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