IRCTC share price tumbles nearly 40 percent from record highs
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell sharply on Monday and its price went below Rs 4,000 during intraday trading on BSE. It touched the day’s low with Rs 3,960. However, there was some recovery since then.
Due to the dominance of this government company in its business, its shares are liked by the investors. IRCTC’s financial position is also good and there is no debt on it.
The company’s public offer came two years ago and since then its shares have given very good returns. However, these have declined in the last few sessions.
Market experts say that the company’s stock continues to fall and has gone below the 20-DMA of Rs 4,500. However, there is a lot of demand for it between Rs 3,700-4,000.
The resistance for the company’s shares stands at Rs 4,500. The long-term outlook for the stock is still positive and investors could use the fall to buy more shares.
IRCTC shares have fallen more than 34 per cent in the last few trading sessions. Recently, this stock made an all-time high of Rs 6,393.
The stock has given returns of over 185 per cent so far this year and around 139 per cent in the last six months.
Experts advise the short term target for this share to be Rs 4,500.
