Railway stocks tank by up to 16% as investors book profits – check which stocks saw biggest decline – Times of India

by The Technical Blogs

Railway stocks experienced a significant decline on Tuesday, with some stocks falling as much as 16%. This drop came after a strong rally leading up to the Union Budget 2024. Ircon International saw the largest decline of 16%, followed by Rail Vikas Nigam Limited (RVNL) and RITES, which fell up to 8.5%. Indian Railway Finance Corporation (IRFC), the country’s most valuable railway counter, also dropped almost 9% around 3:20 PM.
Other railway stocks, including Texmaco Rail & Engineering, Indian Railway Catering and Tourism Corporation (IRCTC), Titagarh Rail Systems, and Jupiter Wagons, experienced a plunge of up to 8%.
Ircon has seen gains of 15% over the last five trading sessions, while IRFC, RVNL, and RITES have gained up to 16%, 28%, and 8% respectively, according to an ET report.Despite the sharp decline, several railway counters reached their 52-week highs before reversing course. IRFC, RVNL, Jupiter Wagons, and Ircon were among those that hit their 52-week highs at the start of trading.
Most of the mentioned stocks have performed well, with returns of up to 400% over the past 12 months. Government-owned IRFC has delivered a remarkable 392% return during this period and is currently trading in a strongly overbought zone.
RVNL has seen gains of around 280%. Texmaco, Titagarh Rail Systems, and Jupiter Wagons have each provided returns above 200%. RITES and IRCTC have lagged behind, with returns of 65% and 50% respectively over the past year.

Despite today’s decline, 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. On Friday, a 10% rally pushed IRFC’s market cap above Rs 2 lakh crore, making it more valuable than 21 Nifty stocks.
The stock has experienced an exponential rise in price, jumping over 500% from its 52-week low of Rs 25.40 on March 28, 2023, in less than a year.

Source link

Related Posts

Leave a Comment


Copyright @2020  All Right Reserved – Designed and Developed by DSF SEO COMPANY