IRCTC Shares Slump 39% In 10 Days With No 'Buy' Orders

Reversing the bull run seen in the last couple of months, shares of IRCTC Ltd have fallen nearly 39 percent from its recent 52-week high.

Amid the coronavirus scare in markets, the stock has lost its appeal among investors who have not placed a single 'buy' order on Thursday.

The state-owned railway tourism company has fallen to Rs 1,221.10 apiece, down by 38.76 percent from its 52-week high of Rs 1,994 seen just 10 trading before on 25 February.

The stock had over 2.5 lakh 'sell' orders against zero 'buy' orders at 1:30 pm.

The Confederation of Indian Industry said in a recent report that Indian companies are most likely to incur "significant losses" due to tour cancellations from foreign visitors due to the COVID-19 outbreak.

On Wednesday, InterGlobe Aviation, which runs IndiGo Airlines, in a stock exchange filing said that it has seen a 15-20 percent decline in bookings over the past few days due to the virus outbreak and expects its "quarterly earnings to be materially impacted."

IRCTC's profit, being highly affected by the impact on tourism in India, is also suspected to be impacted if the coronavirus situation in India elevates.

On Thursday, the Minister of Health confirmed that the total coronavirus cases in India has touched 73.

India has imposed travel restrictions on foreign tourists by suspending "all existing visas, except diplomatic, official, UN/international organisations, employment, project visas" until 15 April, after WHO declared COVID-19 as a pandemic.