Railways Ministry Takes A Big Decision, Then Cancels It In 19 Hours

Friday, 29 October 2021Newsdesk

hares of the Indian Railways' catering, tourism and online ticketing arm - Indian Railways Catering and Tourism Corporation (IRCTC) staged a strong recovery after Ministry of Railways withdrew IRCTC convenience fee sharing decision. Secretary, Department of Investment and Public Asset Management tweeted, Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee. The decision was reversed within 19 hours after the massive fall in stock price.

New Delhi, 29 October 2021

As per news report of NDTV, Earlier in the day, IRCTC shares plunged as much as 29 per cent to hit an intraday low of ₹ 650.10 on the BSE after the company informed exchanges that Ministry of Railway asked it to share half of all the convenience fee revenue it earns. However, post the clarification from the government IRCTC stock staged a recovery of 39 per cent to hit an intraday high of ₹ 906. The state-owned IRCTC is the only firm authorised to manage food services on trains and has a monopoly in the online ticketing and catering services for the Indian Railways.

Source - NDTV