However, in contrast to other railway companies, the rank of Indian Railway Catering and Tourism Corporation (IRCTC) has slipped by 14 places to No. 98 in 2023. Market watchers believe that its expensive valuation and the government's decision to sell a part of its stake in the company have contributed to the stock's subdued performance over the past year. This has introduced uncertainty into the market, affecting investor sentiment, they add. "Due to the significant re-rating in the stock price, IRCTC valuations were expensive. Also, the OFS (offer for sale) from the government played a dampener," says Siddhartha Bhaiya, Founder and Chief Investment Officer of Aequitas Investment Consulting.