The Indian Railway Catering and Tourism Corporation (IRCTC) dropped by nearly 15% ($4,610 per share) in early trade on Wednesday.<\/p>\n\n\n\n
On Tuesday, the stock witnessed a sudden decline of over 15% towards closing. The company, however, settle off lows and ended at 5,363 apiece, down 8% on the BSE.<\/p>\n\n\n\n
In the early hours of Tuesday, the stock touched a new high of $6,393 per share.<\/p>\n\n\n\n
Speaking with Financial Express, Milan Vaishnav, the Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, advised traders to use any more up move to exit as it is showing highly influenced and controlled moves defying market technicals which may be harmful to the traders.<\/p>\n\n\n\n
Mazhar Mohammad of Chartviewindia.in said considering the sharp reversal of the last session, it looks prudent to avoid buying the dip for time being, whereas any rally should be used to exit the current holding.<\/p>\n\n\n\n
Shares of IRCTC have surged as much as 30% in just the last five days paving the way for the company to cross the Rs 1 trillion-mark. The company’s stock has grown a whopping 334% in 2021 so far. Among other triggers fuelling the stocks, the latest one is the company starting many special tourist trains for the festive season.<\/p>\n\n\n\n
IRCTC has a monopoly since it is the only company permitted to supply Indian railroads with online ticketing and catering services. This, combined with its strong financials and debt-free position, has made it a favourite among investors of all types. <\/p>\n\n\n\n
The IRCTC debuted on the major markets in October 2019, and since then, its stock has given a fantastic return to its owners.<\/p>\n\n\n\n