IRCTC opened over 13% lower today morning at the opening bell at Rs.1405. It has recovered a bit and is now trading at Rs.1490 levels, down over 7%.
The stock has slipped down into the red as the Govt is today selling 20% stake – 15% +5% green shoe option in the company through an Offer for Sale (OFS).
It opened today and the floor price is set at Rs.1367/share, which is at an over 15% discount to yesterday’s close.
Currently, the Govt holds 87.4% stake in IRCTC and it hopes to bring down the stake to 67.4% after this OFS.