Why RVNL, IRCON, IRFC, Other Railway Stocks Are Bleeding At The Bourses Today

Shares of railway stocks such as RVNL, IRCON, and Titagarh crashed on Monday morning going down over 5%.

What Happened: The fall today comes as the broader markets are experiencing pressure today. Benchmark indices NIfty 50 and Sensex are both down around 2%. The fall has eroded close to ₹6 lakh crore in market cap today. The fall is driven by the fears of a recession in the US.

Railway stocks have been one of the best-performing stocks on the bourses. The stocks have given multi-bagger returns in the past year. However, the stock has been under pressure for the past few weeks as the Budget presentation disappointed investors. The allocation for railways was kept unchanged from the interim budget — the street was expecting an increase in allocation.

Price Action: Here’s how railway stocks traded on Monday morning

• Rail Vikas Nigam Ltd (RVNL) shares were down 5.08% at ₹559.85.
• Titagarh Rail Systems Ltd shares decreased by 4.63% to ₹1,429.00.
• Railtel Corporation of India shares fell 4.35% to ₹479.80.
• Indian Railway Finance Corporation (IRFC) saw a decrease of 4.27%, closing at ₹184.12.
• Jupiter Wagons Ltd (JWL) was down 3.68% at ₹588.80.
• Ircon International Ltd declined 3.58% to ₹275.75.
• Rites Ltd shares were down 3.13% at ₹699.95.
• Oriental Rail Infrastructure shares fell 3.09% to ₹353.00.
• Container Corporation of India Ltd (CONCOR) decreased by 2.93% to ₹999.90.
• Indian Railway Catering and Tourism Corporation (IRCTC) shares were down 1.82% at ₹948.80.