 "IRCTC")
The news that the Centre is intending to sell 40 million shares--about 5 per cent stake--of Indian Railway Catering and Tourism Corporation (IRCTC) in an offer for sale (OFS) for a consideration of Rs 680 a share and a total value of Rs 2,720 crore has had a bearish effect on the stock. The share price was trending at around Rs 735 before the OFS was announced and dropped by over six per cent to Rs 689.20 on Thursday, and by another 2.5 per cent to Rs 672.15 on Friday.
There are two details that have led to this downgrade
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