The shares of IRCTC Ltd. fell 4.44% after the government announced that they will be selling a 2.5% stake in the company through an offer for sale issue.
The OFS will see the government offload 2 crore shares of the Indian Railways’ ticketing arm, at an offer price of Rs 680 per share, the company said in an exchange filing on Wednesday.
The OFS will open on Dec. 15 for non-retail investors and on Dec. 16 for retail investors.
The stock fell as much as 5.25% at opening, the most in over three months since August 29, 2022. The scrip trades at 9.2 times its 30-day average volume.
About 62% of analysts have changed their price targets on the stock over the past month. Of the nine analysts tracking the stock, three maintain a ‘buy’ rating, one suggests to ‘hold’ the stock and five recommend to ‘sell’.
Source: Bloomberg, Exchange filing
