Nishant Pitti's Exit Triggers 10% Drop in EaseMyTrip Parent's Shares
EaseMyTrip, fell sharply by 10% after news broke that co-founder and promoter Nishant Pitti plans to sell his remaining 14.21% stake in the company.
Shares of Easy Trip Planners, the parent company of the popular online travel aggregator EaseMyTrip, fell sharply by 10% after news broke that co-founder and promoter Nishant Pitti plans to sell his remaining 14.21% stake in the company.
Pitti’s stake sale, valued at approximately ₹780 crore, is being conducted via block deals scheduled for December 31. This announcement has had a significant impact on investor sentiment, driving the stock to trade at ₹15.39 per share, marking a 24.37% decline in its value for the year.
Key Developments
-
Planned Stake Sale:
Nishant Pitti, one of the three promoters of EaseMyTrip, is set to offload his remaining 14.21% stake (50 crore shares) at a floor price of ₹15.6 per share. -
Market Activity:
On December 31, 3.4 crore shares, representing 0.9% equity worth ₹53 crore, were exchanged in block deals at ₹15.5 per share. The transaction is still ongoing. -
Previous Stake Sale:
Earlier, on September 25, Pitti sold 24.65 crore shares, accounting for 14% of the company’s total share capital, at a price range of ₹37.11 to ₹38.28 per share, raising ₹920 crore. -
Institutional Participation:
Prominent institutional investors, including CRAFT Emerging Market Fund PCC (Citadel Capital Fund and Elite Capital Fund), Multitude Growth Funds Limited, Nexpact Limited, and Eminence Global Fund, are expected to participate in the current transaction.
Impact on the Stock
The announcement has caused Easy Trip Planners' shares to tumble to ₹15.39, reflecting a 10% decline in value since the news. The stock has seen a cumulative loss of 24.37% this year, underscoring the bearish sentiment surrounding the company.
About EaseMyTrip
EaseMyTrip, operated under Easy Trip Planners, has established itself as a prominent player in the online travel booking space. The company’s platform caters to flight, hotel, and holiday package bookings, earning a strong reputation among Indian travelers.
Conclusion
The exit of a key promoter like Nishant Pitti could signal a significant shift for EaseMyTrip. While the participation of institutional investors in the stake sale might provide some stability, the immediate market reaction highlights concerns about the company’s future trajectory. Investors will closely monitor the developments of this transaction in the coming days.
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