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IRCTC share price hits lower circuit on trains cancellation amid COVID-19, down 60% from record high

FE Online
IRCTC share price

IRCTC share price hit a lower circuit of 5 per cent to trade at Rs 815.60 apiece on BSE in Wednesday's trade as in the wake of coronavirus, Indian Railways announced the cancellation of passenger train services till March 31, 2020. "Indian Railways has decided that no passenger train will run up to 31st March," notification dated March 22, read. IRCTC share price hit an intraday high of Rs 824.65 apiece on BSE in Wednesday's trade, a day after PM Narendra Modi announced a 21-day country wide lockdown to curb the spread of coronavirus (COVID-19).

IRCTC made its market debut last year on October 14 with a listing price of Rs 644 per share on BSE. IRCTC share price has fallen nearly 60 per cent from its record high of Rs 1,995 apiece hit on February 25, 2020. However, IRCTC share price is still up 26 per cent from its listing price, and 155 per cent from its issue price of Rs 320 per share. It has also been conferred the status of Mini Ratna by the government of India.

As the number of corornavirus infected persons are rising in the country, railways announced the cancellation of trains. "In continuation of the measures taken in the wake of COVID-19, it has been decided that all passenger train services on Indian Railways including Premium trains, Mail/Express trains, Passenger trains, Suburban Trains, Kolkata Metro Rail, Konkan railway etc shall be cancelled till 2400 hrs of 31.03.2020," government said in a notification. However, in order to make it convenient for the passengers, Indian railways said that full refund for all cancelled trains can be taken till 21.06.2020. It also highlighted that the essential supplies in various parts of the country and movement of goods trains will continue.

Last month, IRCTC posted a 179.65 per cent on-year rise in the profit at Rs 205.80 crore in the quarter ended December 31 as compared to a profit of Rs 73.59 crore in the corresponding quarter of last year. IRCTC has also declared an interim dividend of Rs 10 on face value of Rs 10.