Five railway stocks including IRFC, RVNL slide up to 14% amid profit booking
Rail Vikas Nigam, Ircon International, Indian Railway Catering & Tourism Corporation (IRCTC), and RailTel Corporation of India all plummeted in today's trade between 7-14%. It is worth noting that these five stocks rallied up to 58% in the last week alone, despite frontline indices finishing the week in red. According to the analysts, the sharp rally in railway stocks was attributed to the anticipation of the Government of India (GoI) unveiling fresh investments for railway infrastructure development in the upcoming 2024 budget.
Also Read: Stocks to buy this week: HDFC Bank, Cochin Shipyard, NMDC among 9 tech picks Additionally, the expected strong Q3 results have contributed to the upward momentum in these stocks. Meanwhile, Ircon International emerged as the most significant loser among major railway PSUs in today's trade, falling by 13.70% to ₹230 apiece. Despite a substantial rally of 37% in the previous week, the stock, even after today's sharp downturn, still boasts a remarkable 38.62% in January so far.
Zooming out, the stock has displayed an astounding ascent from its low of ₹35.80 apiece in July 2022 to the current value of ₹230, yielding an impressive return of 542%. Likewise, RailTel Corporation of India witnessed a 12.60% decline in today's trade, reaching ₹388 apiece. Despite the sharp fall, the stock maintains an 18% gain in the current month so far.
Also Read: Zee share price tanks 30%, erases over ₹6k crore mcap as Sony calls off merger Rail Vikas Nigam was another multibagger stock that saw a sharp drop of 10% in today's trade, settling at ₹288.50 apiece. Last week, the stock jumped from ₹204.25 apiece to ₹320 apiece to generate a massive return of 57.61%. This pushed the company's market capitalisation
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