IRCTC Shares Crash After Railways Announces Suspension of Trains

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(Photo: PTI)

A day after the Indian Railway Ministry announced train suspensions in the country till 12 August, in the wake of the growing number of COVID-19 cases, the Indian Railways Catering and Tourism (IRCTC) share price crashed over 3 percent in early trade on Friday, 26 June.

According to a report by Business Insider, the booking platform witnesses a sharp decline in sales during the lockdown period imposed by the Centre from 24 March but sales had been declining before the lockdown as well.

Regular time-table passenger train services including mail/express, passenger and suburban services have been cancelled till 12 August, a circular by the Railways Board said.

According to the circular, special Rajdhani, and special mail/express train services which were started from 12 May and 1 June, respectively, will continue to operate.

"... All the tickets booked for the regular time-table trains for the journey date from 1 July to 12 August also will be cancelled and full refund generated," the circular further read.

In another circular, the Railways said that “all tickets booked for the regular time-table trains for journey from 1 July to 12 August may be cancelled and full refunds generated.” “The special mail/express trains shall continue to be operated,” it added.