Easy Trip Planners co-founder and promoter Nishant Pitti sold a 1.4 per cent stake in the travel aggregator for ₹78 crore through an open market transaction on Tuesday, December 31, reported the news agency PTI citing NSE data.
Ease Trip Planners is the parent company of the online travel bookings platform EaseMyTrip.
The bulk deal data shows that Nishant Pitti offloaded 4.99 crore shares or 1.41 per cent stake in Easy Trip Planners on Tuesday, reported the agency citing the National Stock Exchange.
The stake was disposed of at an average price of ₹15.68 per share, taking the transaction value to ₹78.32 crore, as per the news report.
After the open market transaction, Pitti’s holding in Easy Trip Planners fell to 12.8 per cent from the earlier level of 14.21 per cent, according to the news report. Along with Pitti’s holdings, the combined promoter stakeholding in the company also dropped to 48.97 per cent from its earlier 50.38 per cent levels.
Ease Trip Planners Ltd shares closed 6.92 per cent lower at ₹15.87 after Tuesday’s trading session, compared to ₹17.05 at the previous market close. The company’s shares opened 7.5 per cent lower today and then declined to 10% losses for the intraday session.
The sharp crash in Easy Trip Planner shares came amid reports that the company’s promoter and co-founder Nishant Pitti will sell off his remaining 14.21 per cent stake in the company via a block deal in Tuesday’s trade.
Arunaben Sanjaykumar Bhatiya picked up 2.40 crore shares of Easy Trip Planners at an average price of ₹15.86 per share. This transaction took the deal value to ₹38.06 crore, according to the news report.
Details of the other buyers of Easy Trip Planners’ shares could not be ascertained on the NSE, according to the news agency.
Earlier in September 2023, Nishant Pitti sold its 14 per cent stake in the company via open market transactions for ₹920 crore.
Easy Trip Planners, one of India’s leading online travel agencies, saw its co-founder Nishant Pitti offload a 1.4% stake in the company for a whopping ₹78 crore. The move came as a surprise to many, as Pitti had been a key figure in the company’s growth and success.
Following the news of Pitti’s stake sale, shares of Easy Trip Planners closed 6.92% lower on the stock market. Investors and analysts alike are now speculating on the reasons behind Pitti’s decision to sell a portion of his stake in the company.
While some believe that Pitti may be looking to diversify his investment portfolio, others are questioning if there are underlying issues at Easy Trip Planners that prompted the stake sale.
Regardless of the reasons behind Pitti’s move, one thing is clear – Easy Trip Planners will continue to be a major player in the online travel industry, with or without Pitti’s continued involvement. Investors will be keeping a close eye on the company’s performance in the coming months to see how this development impacts its future growth.
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- Easy Trip Planners
- Nishant Pitti
- Co-founder
- Stake sale
- ₹78 crore
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