₹320 in October 2019. Indeed, some analysts reckon the stock was underpriced during the IPO. But also note that IRCTC shares are now above its pre-covid highs, although profits have taken a sharp hit.
Justifying the sharp rally in IRCTC’s shares, analysts said investors were looking beyond the near-term concerns. “In fact, further upsides in the IRCTC stock cannot be ruled out when the unlocking begins," said Jinesh Joshi, an analyst at Prabhudas Lilladher Pvt.
Ltd. This comes even as IRCTC has seen its revenue for fiscal 2021 decline substantially by 66% on a year-on-year (y-o-y) basis as the pandemic weighed on business.