Railway shares fall up to 16% as investors book profits – check which stocks saw the biggest fall
railway stock Tuesday saw huge losses, with some shares falling as much as 16%. The fall came after a strong rally ahead of the Union Budget 2024. IRCON International saw the biggest decline of 16%, followed by Rail Vikas Nigam Limited ,Rail Vikas Nigam Limited) And ritesWhich fell to 8.5%. Indian Railway Finance Corporation (IRFC), the country’s most valuable railway counter, also fell nearly 9% around 3:20 p.m.
Other railway stocks, including Texmaco Rail & Engineering, Indian Railway Catering and Tourism Corporation (IRCTC), Titagarh Rail Systems, and Jupiter WagonsA decline of up to 8% was experienced.
IRCON has gained 15% in the last five trading sessions, while IRFC, RVNL and RITES have gained 16%, 28% and 8% respectively, ET reported. Despite the sharp decline, many railway counters reached their 52-week highs before reversing course. IRFC, RVNL, Jupiter Wagons and IRCON were among the stocks that hit their 52-week highs in early trade.
Most of the stocks mentioned have performed well in the last 12 months with returns of up to 400%. Government-owned IRFC has delivered a remarkable 392% return during the period and is currently trading in overbought territory.
RVNL has seen a growth of about 280%. Texmaco, Titagarh Rail Systems and Jupiter Wagons have each delivered over 200% returns. RITES and IRCTC have been the laggards with returns of 65% and 50% respectively last year.
Other railway stocks, including Texmaco Rail & Engineering, Indian Railway Catering and Tourism Corporation (IRCTC), Titagarh Rail Systems, and Jupiter WagonsA decline of up to 8% was experienced.
IRCON has gained 15% in the last five trading sessions, while IRFC, RVNL and RITES have gained 16%, 28% and 8% respectively, ET reported. Despite the sharp decline, many railway counters reached their 52-week highs before reversing course. IRFC, RVNL, Jupiter Wagons and IRCON were among the stocks that hit their 52-week highs in early trade.
Most of the stocks mentioned have performed well in the last 12 months with returns of up to 400%. Government-owned IRFC has delivered a remarkable 392% return during the period and is currently trading in overbought territory.
RVNL has seen a growth of about 280%. Texmaco, Titagarh Rail Systems and Jupiter Wagons have each delivered over 200% returns. RITES and IRCTC have been the laggards with returns of 65% and 50% respectively last year.
Despite today’s fall, IRFC’s market capitalization remains at Rs 2.10 lakh crore, which is still higher than the market caps of Mahindra & Mahindra and Bajaj Auto. The 10% rally on Friday took IRFC’s market cap above Rs 2 lakh crore, making it more valuable than 21 Nifty stocks.
The stock price has seen a rapid rise, jumping more than 500% from a 52-week low of Rs 25.40 on March 28, 2023, in less than a year.