Exclusive: Railways withdraws decision on IRCTC's revenue from convenience fee

After asking Indian Railway Catering and Tourism Corporation (IRCTC) to share half of its revenue from convenience fee with the Ministry of Railways, the government has taken a U-turn on its decision. DIPAM Secretary Tuhin Kanta Pandey on Friday told CNBC-TV18 that the ministry has decided to withdraw its decision to take 50 percent of the ticket booking platform's revenue from the convenience fee.

IRCTC shares were trading sharply off the lows it recorded earlier in the day after the decision of sharing convenience fee was conveyed by the company on Thursday. The stock plunged as low as 21 percent today after opening 10 percent lower.

However, it has recovered sharply, trading only 5.4 percent lower at Rs 864, at 11:53 am.