Amidst escalating tensions in the Israeli-Palestinian conflict, major railway stocks experienced a significant downturn at the start of the week. The decline in shares on Monday morning has raised concerns about the potential impact on India’s ambitious plans for the India-Middle East-Europe economic corridor (IMEEC), according to Indian exporters and trade experts.
In response to attacks on its territory, Israel has declared war on Hamas, further intensifying the conflict. This development has the potential to cast a shadow over New Delhi’s expansive corridor project, which aims to foster economic connectivity between India, the Middle East, and Europe.
Major stocks that witness decline –
Rail Vikas Nigam Limited saw a substantial decline of over 4%, with its shares trading at 163.15, marking a decrease of ₹6.90.
Similarly, Indian Railway Finance Corporation Limited experienced a decline of 3.27%, with shares trading at ₹72.40, down by ₹2.50.
Meanwhile, IRCTC stocks registered a decrease of over 2%, with shares trading at ₹703.85, down by ₹16.00.
The situation in Israel remains dire, with the military conducting extensive operations in the Palestinian enclave of Gaza, resulting in a substantial loss of life. In the aftermath of a surprise attack by the Hamas group, which claimed the lives of over 600 Israelis – the deadliest assault on Israeli soil in decades – Prime Minister Benjamin Netanyahu has called for national preparedness for what he predicts will be a “long and difficult” war.
The scale and audacity of Hamas’ offensive on Saturday, occurring on the Jewish Sabbath, caught Israel off guard. With an onslaught of at least 3,000 rockets and fighters infiltrating towns and communities, the assault reached a level of unprecedented intensity. Tragically, an outdoor gathering was stormed, resulting in the loss of many lives.
