IRCTC hits 5% LC

about 2 years ago
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IRCTC stock price is showing the impact of the lockdown. The stock, which had closed on Friday at Rs.951.20, opened 5% lower at Rs.903.65, its LC for the day.

The subsidiary of the Indian Railways announced that it has ordered the closure of all onboard catering services in mail or express trains from March 22, which is today, until further notice in view of the coronavirus outbreak.

It has also decided to close all food plazas, refreshment rooms, Jan Aahars and cell kitchens until further notice.

This is expected to hit its earnings, especially the ticketing, which has dropped 25% in March - ticket sales have fallen from 8.5 lakh to 5.5 lakh per day. This ticketing contributes 85% to the earnings.

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