Easy Trip Planners share price nosedives 10% amid reports of stake sale by promoter

Stock Market Today: Easy Trip Planners share price declined 10% in the morning trade on Tuesday following reports of promoter stake sale.

On Monday, December 30, CNBC-TV18 reported, citing sources, that EaseMyTrip co-founder Nishant Pitti was set to sell his remaining 14.21% stake in the company for ₹780 crore via a block deal.

As per the news report, Pitti was to offload 50 crore shares at a floor price of ₹15.6 per unit.

The floor price as per the news report was significantly lower than the closing price of Easy Trip Planners shares. Easy Trip Planners' share price had closed at ₹17.05 on the BSE on Monday. The floor price, as per news reports, was close to 9% lower than Monday's closing price.

Easy Trip Planners share price opened at ₹15.76 on the BSE on Tuesday, over 7% lower than the previous close. The stock thereafter dropped to the day's lows of ₹15.36, marking a decline of 10% against its previous close.

Business Development

In another development, Easy Trip Planners said that it has expanded its presence with a new franchise store in Raipur, Chhattisgarh.

This is the 24th store under the flagship EaseMyTrip Franchise program, thereby increasing the brand’s offline presence in India’s tier-2 locations.

The store offers a wide spectrum of travel services, including domestic and international flight bookings, premium hotel accommodations, bespoke holiday packages, and seamless bus and railway bookings, said Easy Trip Planners. Travellers can also avail of luxury cruise bookings, visa assistance, and curated corporate travel solutions, all designed to provide a personalized travel experience.

With a target of establishing 100 franchise stores by FY25, the Raipur franchise reiterates EaseMyTrip’s commitment to delivering online convenience coupled with offline expertise for an unmatched travel experience, said Easy Trip Planners in its release.

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