The investors of EaseMyTrip were shocked on Wednesday, September 25, 2024, when this stock plunged over 7 percent. Yes, you read that right, this news came as a huge blow to the investors as the shares of EaseMyTrip dropped 7.2 percent taking it as low as Rs 38.03. If you are also wondering what caused the stock to suddenly sink then you might be uninitiated about the promoter investor Nishant Pitty who sold a total of 6.7 percent stake for Rs 459.4 crore. Shortly after promoter investor Nishant Pitty sold his stake in EaseMyTrip, the price of EaseMyTrip shares started sinking and resulted in a huge drop of 7 percent. This latest development in the financial sector sent shock waves to the investors who were thinking of making a good profit from this stock. Here we have a lot more to discuss about it. Let’s delve into the details and find out more about it. Scroll down the page.
According to the reports, the trip planning company’s promoter Nishant Pitty sold his stakes in the company through block deals. He offloaded his 6.7 percent stake in EaseMyTrip at the price of Rs 38 per share, gaining Rs 459.4 crore in this block deal. However, the indicative price for selling EaseMyTrip shares had earlier been set at Rs 41.5 per share. The departure of promoter Nishant Pitty from EaseMyTrip came as a huge blow to the retail investors. However, it is also worth noting that before offloading the 6.7 percent stake promoter Nishant Pitty had a total of 28.13 percent stake in EaseMyTrip.
Recently, Easy Trip Planners also stepped into the medical tourism industry as it bought a total of 30 percent stakes in Rollins International by paying Rs 60 crore and Pflege Home Healthcare Center’s 49 percent stakes worth Rs 30 Crore. While stepping into the healthcare and tourism sectors, the company also displayed its intention to foray into electric bus manufacturing. Nevertheless, the incorporation of an entirely owned subsidiary Easy Green Mobility was also green-flagged during the board meeting as the company is looking forward to maximizing its profit growth and expanding its portfolio in non-air travel services and international markets.
Although the share prices of EaseMyTrip have dropped almost 8 percent after the promoter sold his 6.7 percent stake through a block deal, Easy Trip Planners is still the leading online travel agency in the country, thanks to its vast range of travel-related services and products. To maintain its good track record and a good return on equity of 39.6 percent for three years, EaseMyTrip has significantly reduced the debt pressure. Over the past three years, promoter holding in the company has declined by 10.6 percent, leading the stock to trade at 12.4x its book value. Therefore, it is suggested that investors should remain cautious while investing in EaseMyTrip.
Speaking about EaseMyTrip’s current share price, it opened at the price of Rs 39.19 on the Bombay Stock Exchange on Wednesday, September 25, 2024, which was almost 7 percent lower than its previous close of Rs 41.03 on Tuesday, September 23, 2024. However, the share price of Easy Trip Planner further slipped down to Rs 37.40 which is over 8 percent lower than its previous close. EaseMyTrip’s share price sank after promoter Nishant Pitty sold around 8.5 percent stake in the company. At the end of the June quarter, Nishant Pitty had owned around 28.13 percent stake in EaseMyTrip Planners Ltd. It is speculated that Nishant Pitty sold 15 crore shares for the transaction value of Rs 580 crore, making the floor price per share at Rs 38. No confirmed detail about the buyer has come out yet but it is believed that several institutional investors will be the buyer. Stay tuned with us.
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