Quick-fire profit of Rs. 50000+ from IRCTC

[Michael Gonsalves]

Today, IRCTC plunged nearly 30% because of the Govt's decision to take a share of the commission income. When the stock was at the day's low, I saw a tweet by Harshada of ZEE Business that the Govt was likely to reverse its decision. I immediately sold one lot of 600PE. Within the next few minutes, there was an official announcement that the Govt had indeed reversed its decision. This caused the stock to surge. The short Puts lost value and has given a profit of Rs. 50k plus.