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IRCTC share price falls 20 per cent after railway ministry withdraws convenience fee

IRCTC filed a regulatory filing on Thursday, in which they informed SEBI that the railways have said that the revenue-sharing arrangement would be enforced from November 1.

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Indian Railway

The Indian Railway Catering and Tourism Corp (IRCTC) share price has fallen by as much as 20 per cent and due to that, there is an intraday low of Rs 650.10 on the BSE. It is being said that the price has plunged after the railway ministry asked the company to share its revenue earned from convenience fees collected by IRCTC in the ratio of 50:50 from November 1, 2021.

The company in a press release said that it is to be informed that the Ministry of Railways has conveyed its decision to share the revenue earned from the convenience fees collected by IRCTC.

Earlier, the stock of IRCTC jumped by 20 per cent as it started trading ex-stock split. From Thursday onwards, IRCTC shares were split in the ratio of 1:5, which was sub-divided by the face value of the share from Rs 10 per share to Rs 2 per share.

As soon as the price of IRCTC started plunging, tweeple started creating a meme fest on social media.

One of the users wrote that IRCTC : Wo karna Chahte Grind
Operators : Mai bhi baitha masti may.

Another user wrote that Golmaal Hai Bhaai Sab Golmaal Hai.

https://twitter.com/narrenderr/status/1453963349855666177

Yet another wrote that The decision has been reversed. But what about those investors who sold their shares in the last two hours of trading? Clearly, the decision had not taken the “signalling effect” into account. Can’t play with listed companies like this!

Read Also: IRCTC to share 50% convenience fee from ticketing revenue with Railway Ministry

IRCTC filed a regulatory filing on Thursday, in which they informed SEBI that the railways have said that the revenue-sharing arrangement would be enforced from November 1. The company’s board of directors are going to meet on November 1 to consider and approve the unaudited financial results for the second quarter and the half-year ended on September 30, 2021.

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Jammu and Kashmir: CRPF vans damaged, stones hurled amid protests against Vaishno Devi ropeway project

The residents have been complaining that the project would negatively impact the environment and their livelihoods.

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Jammu and Kashmir: CRPF vans damaged, stones hurled amid protests against Vaishno Devi ropeway project

Massive violence broke out in Jammu and Kashmir’s Katra after the protestors pelted stones and clashed with the security forces during their protests against the proposed ropeway project along the trek route to the holy shrine of Vaishno Devi atop Trikuta hills. 

Reports said that the protestors hurled stones at the security personnel and damaged a CRPF vehicle. Paramvir Singh, Reasi SSP told media that the protest was going on peacefully for the past three days but on Monday some protesters pelted stones at the security forces. 

In Jammu and Kashmir’s Katra, the shopkeepers and labourers on Sunday took out a protest rally on the third day of their strike and held a sit-in outside the office of the subdivisional magistrate and Shalimar Park in Katra, the base camp for pilgrims visiting the shrine. 

A member of the joint committee of shopkeepers and pony and palanquin owners had said that the 72-hour strike has been extended by another 24 hours, adding that they will meet again and announce our future course of action. Notably, the three-day strike called by them began on Friday. 

Reports stated that while the businesses located at the base camp of Katra remained operational, shops lining the pilgrimage route from Ban Ganga to Charan Paduka observed closures. Nonetheless, the suspension of pony and palanquin services is causing hardships for the pilgrims, especially the elderly and differently-abled, to continue their sacred journey.

The residents have been complaining that the project would negatively impact the environment and their livelihoods. They asserted that the ropeway project would render them jobless, and also accused the authorities of pushing through the development without adequate consultation.

Meanwhile, Jammu and Kashmir Lieutenant Governor Manoj Sinha has assured the protestors of their employment. He mentioned that the committee headed by the Divisional Commissioner has been deliberating on the ropeway project and the rehabilitation of the locals. Furthermore, he also emphasised that the genuine concerns of the locals would be considered while the development of the region would not be ignored.

The Shri Mata Vaishno Devi Shrine Board (SMVDSB) had announced implementation of the long-awaited ropeway project to facilitate a safer and faster journey for the pilgrims. As per the project details, the ropeway will be developed with a cost of Rs 250 crore between Tarakote Marg to Sanji Chhat along the 12-kilometre track.

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Delhi Pollution: GRAP IV restrictions to continue in national capital, says Supreme Court

The court also pulled up the Delhi Police over no checkpoints at the borders of the city for checking the pollution measures and said that it was a serious lapse.

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Delhi Pollution: GRAP IV restrictions to continue in national capital, says Supreme Court

The Supreme Court on Monday refused to relax GRAP IV measures in Delhi and ordered the CAQM to consider relaxing norms for students. The apex court observed that several students cannot avail midday meals, online classes and cannot access air purifiers.

The court also pulled up the Delhi Police over no checkpoints at the borders of the city for checking the pollution measures and said that it was a serious lapse. A bench headed by Justice AS Oka stated that they would consider prosecution of the Delhi Police Commissioner under the Commission for Air Quality Management (CAQM) Act for deploying police personnel at only 23 checkpoints, when Stage 4 of the GRAP was implemented.

Earlier, the court has also appointed 13 members from the court as commissioners to check whether the GRAP IV measures are being implemented or not. On Monday, the commissioners submitted their report to the court.

Subsequently, the court told the Delhi government that there were no checkposts at borders of the city and that the ban on trucks entering into the capital was not being followed properly.

The top court bench said that they were informed that no police or government personnel were present at the border checkpoints, and they were only manned by toll collection staff of the Municipal Corporation of Delhi. Mentioning that they will direct prosecution against all officials, the court questioned why the police were not directed to take action under Stage IV of the GRAP.

Responding, Advocate Shadan Farasat representing the Delhi government said that the CAQM had issued directions. Consecutively, the court asked him to show what written instructions were given by the state and the central government to the police on November 18. To this, Advocate Farasat said that directions were issued to post police personnel at 23 checkpoints where trucks could enter the city.

The court continued that this was negligence, adding that it will direct CAQM to prosecute the Delhi Police Commissioner.

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Maharashtra elections: Ajit Pawar criticises Sharad Pawar’s decision to field Yugender Pawar against him

Ajit Pawar said that Yugendra is a business person, and he had no connection with politics.

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Maharashtra elections: Ajit Pawar criticises Sharad Pawar’s decision to field Yugender Pawar against him

After the Maharashtra Assembly Elections results, NCP leader Ajit Pawar criticized NCP faction led by Sharad Pawar for its decision to field his nephew Yugender Pawar against him in the family bastion of Baramati. Ajit Pawar also mentioned that his decision to field wife Sunetra Pawar against his sister Supriya Sule in the Lok Sabha election was a mistake. 

Sharad Pawar led NCP had fielded Yugender Pawar, son of Ajit Pawar’s elder brother Shrinivas Anantrao Pawar, in the Baramati Assembly segment. The constituency was represented by Sharad Pawar for over two decades, followed by Ajit Pawar for over three. In this assembly election, 33-year-old Yugendra Pawar was backed by Sharad Pawar and four-time Baramati MP Supriya Sule. However, Yugender Pawar lost out against his formidable uncle by a margin of over 1 lakh votes.

While addressing the media, Ajit Pawar said that Yugendra is a business person, and he had no connection with politics. He added that there was no reason to field his own nephew against him in the elections.

Earlier in the Lok Sabha elections 2024, Ajit Pawar had fielded his wife Sunetra Pawar against his cousin and Sharad Pawar’s daughter Supriya Sule, who won the contest by a 1.5 lakh votes margin. Later, Ajit Pawar admitted that it was a mistake.

Sharad Pawar had defended the decision to field Yugendra Pawar, mentioning that someone had to contest the polls. He had also said there was no comparison between Ajit Pawar and Yugendra Pawar. 

Notably, a 2023 rebellion led by Ajit Pawar against his uncle split the NCP founded by Sharad Pawar. Since then, the senior Pawar has been fighting to win his party’s name and symbol back. 

Previously In the Lok Sabha election, the veteran had trumped his nephew, with his faction winning 8 seats compared to Ajit Pawar’s score of 1. However this time, the tables turned as NCP (Sharad Pawar) scored 10, but Ajit Pawar’s party won 41.

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