Shares of Indian Railways Catering and Tourism Limited (IRCTC) fell on Monday, although the company refuted reports of its plans to monetise passenger data.

IRCTC shares were down more than 4% at Rs 707.85 in early trade, down 3.7% from their last close at 10:40 am. Railroad stocks, which have risen over the past three sessions, have added 18% to investor wealth over the past month, while the benchmark Sensex has risen nearly 6%.

Monday’s drop in shares came as a senior official clarified that the company does not sell customer financial information and has no intention of doing so amid reports that it plans to monetise passenger data.

Certain reports, including social media advocacy groups, earlier claimed that Indian Railways’ ticketing arm plans to sell consumers’ personal information while doing business with private and government companies.

According to the Business Standard report, the public sector is hiring a consultant to assist in the monetisation process, through which IRCTC plans to raise Rs 1,000 crore.

The report said that the IRCTC listed industries such as hospitality, health, energy, and infrastructure as potential customers for passenger data in its call for consultants.

However, a senior IRCTC official told ANI that the railway is hiring a consultant to improve existing operations. The adviser will also advise on new services that IRCTC and Indian Railways may soon adopt, the official said.

IRCTC has its own platform on its own platform: rail ticketing, hotel reservations, food service, air tickets, bus reservations, and retirement room reservations. Likewise, the company will develop another business with the help or guidance of the market leader.

In response to media reports requested by the exchange, the PSU said last week that the IRCTC had called for a tender to appoint a digital data monetisation consultant, but no negotiations had been held. The IRCTC added that as a government company, it is normal to conduct tenders.