Highlights

  • IRCTC stock falls 25% in trade after Govt's letter to IRCTC 
  • Govt withdraws notice post violent stock reaction 

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IRCTC stock saga, Social media flooded with 'What govt gives, it can also take away!'

PSU party ends as IRCTC stock tanks as Govt reinstates 50:50 revenue share on convenience charge. 

Despite the govt reversing it's decision to impose a 50% revenue demand on IRCTC, the jolt to the shareholders resounded on social media. From "What govt gives, it can also take away!" to 'thoda neeche thoda neeche' the anguish was evident as the early morning crash wiped out Rs 18000 cr from the marketcap of IRCTC that was clearly the crowned jewel of Dalal Street up over 1200% since it's listing.

Read/Watch Also: IRCTC, shareholders railroaded

IRCTC had been asked to share 50% of its revenue earned as convenience fee from bookings on its website with the national transporter, an arrangement that had been discontinued since the pandemic. IRCTC informed that the Railways Ministry has said the revenue-sharing arrangement would be enforced from November 1 after the revolt from shareholders as evident from the stock reaction the Govt then reversed the decision on Friday.

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