The shares of IRCTC Ltd. fell 4.44% after the government announced it would sell a 2.5% stake in the company through an offer to sell.
The OFS will see the government divest 2 crore shares of the Indian Railways ticket division at an offer price of Rs 680 per share, the company said in an exchange filing on Wednesday.
The OFS will open December 15 for non-retail investors and December 16 for retail investors.
The stock fell as much as 5.25% on open, its highest in more than three months since August 29, 2022. The scrip is trading at 9.2 times its 30-day average volume.
About 62% of analysts have changed their price targets for the stock in the past month. Of the nine analysts following the stock, three maintain a “buy” rating, one suggests “hold” the stock, and five recommend a “sell.”
Source: Bloomberg, Exchange Request