Railway Stocks Down 5% As Early Election Results Show Tighter Fight For BJP

Railway stocks were trading 3-5% in the red on Tuesday morning as early election result trends show a tighter fight for incumbent coalition compared to the exit poll predictions.

What Happened: Railway stocks had rallied on Monday as exit polls predicted a thumping victory for the Narendra Modi-led NDA government ensuring policy continuity in sectors such as the railway sector.

However, as the election trends came out on Tuesday, the NDA coalition is facing stiff competition, and the number of seats is far lesser than in the previous election. However, the trends are still in the early phases.

See Also: Share Market Crashes As Early Election Trends Show Tougher Contest Than Exit Polls Predicted

Railway stocks were trading 3-5% down as broader markets also faced correction after the previous session’s record gains. The Benchmark Nifty 50 index was down 2.02% at 22,793.

Price Action: The following is the price action for the railway stocks.

RVNL shares traded down 2.26% at ₹395.40

IRFC shares traded down 3.86% at ₹181.65.

RITES shares traded 4% down at ₹695.65.

IRCON shares traded down 5% at ₹272.60.

IRCTC shares traded down 3.96% at ₹1,012.45.

Titagarh Rail Systems shares traded down 5.17% at ₹1,415.35.

Jupiter Wagons shares traded down 3.69% at ₹623.35.

Texmaco Rail shares traded down 3.80% at ₹199.75.

Read Next: Adani Group Stocks Crash Heavily As Early Election Trends Give Investors Jitters

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Posted In: EquitiesNewsMarketsMoversTrading IdeasIRCONIRCTCIRFCJupiter WagonsRail Vikas NigamRailway StocksTexmaco RailTitagarh Rail Systems