IRCTC erases Rs1 lakh cr market cap glory, stock nosedives 18% today

The Indian Railways catering service provider has fixed October 29 as the record date for ascertaining the name of shareholders that are entitled to the stock split.

Oct 20, 2021 12:10 IST India Infoline News Service

IRCTC
IRCTC stock has witnessed a roller-coaster ride on stock exchanges since the previous trading session. On Wednesday, IRCTC stock nosedived a whopping over 18% erasing massive valuations. The steep selloff comes right after IRCTC crossed over Rs1 lakh cr market cap.

At around 12.07 pm, IRCTC was trading at Rs4608.05  per piece nosediving by Rs754.95 or 14.08% on Sensex. At the current price, the company's market cap stood near Rs74,000cr.

Today, IRCTC stock has dived by at least 992 points.

The stock has touched an intraday high and low of Rs4826.70 per piece and Rs4999 per piece respectively.

Notably, in the last two days, IRCTC stock has contracted by more than 22%.

On Tuesday, the stock had crossed the market cap of Rs1 lakh cr with a new 52-week high of Rs6,393 per piece on Sensex. However, on the same day, the stock corrected and closed nearly 1,000 points lower to Rs5,363 per piece, if compared with the new high.

In the past year, IRCTC stock has given nearly 250% returns. That said, investors are booking profits on the recent gains as sentiments turn cautious.

The Indian Railways catering service provider has fixed October 29 as the record date for ascertaining the name of shareholders that are entitled to the stock split.

The company's stock split ratio is 1:5 where every one stock having a face value of Rs10 each will be divided into 5 equity shares having a face value of Rs2 each. 

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