Today has been a wild ride for Indian Railway Catering and Tourism Corporation (IRCTC) shares. They first fell by 28.8 percent, then recovered by about 11% to 17.32%, and now have recovered
by around 14 percent to 3.97 percent.
As the IRCTC stock fluctuates, investors heartbeat goes up and down. The variations also triggered a meme fest on social media platforms.
Indian Railway Catering and Tourism Corporation (IRCTC) shares fell 29% in early trading on Friday. The drop came just one day after IRCTC equities jumped following a stock split.
IRCTC's stock dropped dramatically when it stated that the Railway Ministry had ordered it to share half of its revenue from convenience fees. The stock, however, rebounded strongly
after the administration cancelled the plan today.
The Ministry of Railways has decided to reverse the decision on the IRCTC convenience fee, according to the Secretary of Investment and Public Asset Management.
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Following the government's clarification, the IRCTC shares recovered 39% to reach an intraday high of 906.
The state-owned IRCTC is the only company authorised to manage food services on trains and has a monopoly in the Indian Railways' online ticketing and catering services.
As of 11:29 a.m., IRCTC shares were trading 3.97 percent lower at 877.50, trailing the Sensex, which was down 0.2 percent.
IRCTC shares gained 20% in the previous session after they began trading ex-stock split. Starting on Thursday, IRCTC shares were divided in a 1:5 ratio, reducing the face value of each share
from $10 to $2. On August 12, the IRCTC board of directors announced the plan to split the stock.
Here are some hilarious memes post-IRCTC share plunge.