Why This Railway Stock Is Tanking 6% Today

RVNL’s share price continued to trade lower for the third straight session on Thursday going down close to 6% to hit an intraday low of ₹142.15.

What Happened: Shares of the Railway stock have gone down close to 15% in the last five sessions. While the reason behind the massive slump is not immediately clear, it is in line with the broader market fall.

Both the Nifty 50 and Sensex were trading over 1% lower at the time of writing on Thursday. Sensex is at a four-month low. The fall is linked with the rising geopolitical uncertainty and the rising US bond yields that have impacted the global equity market.

See Also: Why Tech Mahindra Shares Are Crashing After Q2 Results

Several other railway stocks were also trailing with RVNL on Thursday. Titagarh Rail Systems, IRCON, and IRFC were all falling around 4%-5% in early trade.

The fall could also be a result of profit-taking amid uncertainties in the markets. Several of these railway stocks have surged multifold this year. For instance, RVNL’s share price is still around 100% higher than its January 2023 levels.

Price Action: RVNL’s share price was down 4.33% 144.60 in early trade on Thursday.

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Posted In: EquitiesMarketsMoversTrading IdeasRail Vikas Nigam