Mumbai: The stock counters on Indian Railway Catering and Tourism Corporation Ltd saw a blitzkrieg of sorts with investors punching the sell button as hard as they could.
The mad scramble was visible after IRCTC hit the 52 week high of Rs 6,393.
Stocks of IRCTC hit two circuits before crashing to levels of Rs 5363 apiece. The stock slipped by Rs 1,030 within one session. It posted a Rs 514.30 per share loss or 8.75 percent compared to the opening.
The session may have scarred scores of investors who may have held their positions in the F&O segment.
Having surpassed the 95 percent threshold limit, the NSE banned seven stocks including IRCTC, Vodafone Idea, Nalco, and Escorts. The move rattled those holding positions causing them to sell out for lower prices.
The move on the IRCTC counters can be gauged from the fact that 8.17 lakh shares exchanged hands according to information from the Bombay Stock Exchange. The average two week trading quantity is reported at 4.98 lakhs.
On Sept 1, IRCTC shares were trading at Rs 2742.75 but it doubled to Rs 6,393 before scuttling down.