EaseMyTrip Shares Plunge 7% as Promoter Nishant Pitti Sells 6.7% Stake Worth ₹459 Crore
EaseMyTrip shares fell 7.2% to ₹38.03 on Wednesday, September 25, 2024, as the company’s promoter Nishant Pitti sold a 6.7% stake worth ₹459.4 crore through block deals at ₹38 per share. The indicative price for the sale was earlier set at ₹41.5 per share.
Pitti held a 28.13% stake in Easy Trip Planners at the end of the June quarter. The company recently ventured into the medical tourism industry, acquiring 30% of Rollins International for ₹60 crore and 49% of Pflege Home Healthcare Center for ₹30 crore.
Easy Trip Planners also announced plans to foray into electric bus manufacturing, with its board approving the incorporation of a wholly-owned subsidiary, Easy Green Mobility. The company aims to prioritize profit growth and expand into non-air travel services and international markets.
Despite the share price drop, Easy Trip Planners continues to be a leading online travel agency in India, offering a comprehensive range of travel-related products and services. The company has reduced debt and maintains a good return on equity (ROE) track record, with a 3-year ROE of 39.6%.
However, the stock is trading at 12.4 times its book value, and promoter holding has decreased by 10.6% over the last 3 years. Investors should carefully consider these factors when making investment decisions.
