Shares of Indian Railway Catering and Tourism Corporation Ltd (IRCTC) fell over 8 per cent in early trade today after the railways ticketing arm withdrew its E-tender for appointment of consultant for monetisation of lndian Railways’ data. The share opened 6.05 per cent lower at Rs 675 on BSE. In today’s session, IRCTC stock slipped 8.14 per cent intraday to Rs 660 against the previous close of Rs 718.50 on BSE. Market cap of IRCTC fell to Rs 55,324 crore on BSE.
At 11:03 am, the stock was trading 3.74 per cent lower to Rs 691.60 on BSE. IRCTC shares hit a 52-week high of Rs 1,278.60 on October 19, 2021 and a 52-week low of Rs 521.129 on August 27, 2021.
IRCTC shares are trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages. IRCTC share price has lost 16.97 per cent since the beginning of this year and risen 30.39 per cent in one year. Total 2.54 lakh shares changed hands amounting to a turnover of Rs 17.45 crore on BSE.
ALSO READ: Will govt monetise traveller data in absence of Data Protection Law?
“It is to further inform that due to withdrawal of Personal Data Protection Bill 2018 by the Government of lndia, the above referred E-tender for appointment of Consultant for Data Monetization of lndian Railway/ IRCTC floated by IRCTC, on 29th July, 2022 has been withdrawn,” said IRCTC in a communication to the bourses.
The bill was withdrawn after IRCTC was summoned by a parliamentary panel over its controversial passenger data monetisation plan on Friday.
The parliamentary standing committee on communications and information technology sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations through the move.
Last week, IRCTC, which holds over 80 million users’ private data and travelling data for over 430 million tickets last fiscal year, sought to employ a consultant to conduct business with government and private companies by using its customer and vendor application data, expecting a revenue opportunity of Rs 1,000 crore.
ALSO READ: IRCTC shares: Check the new target price post Q1 earnings