Easy Trip drops 10% amid large trade; 17.15 mn shares change hands on BSE

Easy Trip Planners shares slumped 9.9 per cent in Tuesday's trade on BSE logging an intraday low at Rs 15.36 per share. The selling pressure in the stock came after 17.15 million shares changed hands on BSE and 143.3 million shares changed hands on NSE. Details of buyers and sellers are not available yet.

 

Around 10:22 AM, Easy Trip shares were down 8.09 per cent at Rs 15.67 per share on BSE. In comparison, the BSE Sensex was down 0.65 per cent at 77,739.79. The market capitalisation of the company stood at Rs 5,553.58 crore. The 52-week high of the stock stood at Rs 27 per share and the 52-week low stood at Rs 14.23 per share.

 

As per reports, the company's promoter Nishant Pitti was seeking to offload his entire stake of 14.21 per cent stake in the company via block deals at a floor price for the deal is Rs 15.6 per share. 

 

In September too Nishant Pitti divested a 14 per cent stake in the company for Rs 920 crore through open market transactions. According to the bulk deal data available on the NSE, Nishant Pitti sold 24,65,49,833 shares, amounting to a 14 per cent stake in Easy Trip Planners. The shares were offloaded in the price range of Rs 37.22-38.28 apiece, taking the combined transaction value to Rs 920.06 crore. 

 

After the stake sale, Nishant Pitti's holding in Easy Trip Planners has come down to 14.22 per cent from 28.13 per cent. Also, the combined shareholding of the promoters' has declined to 50.39 per cent from 64.30 per cent.

 

Meanwhile, as of September, among other promoters, Prashant Pitti and Rikant Pittie hold 10.29 per cent and 25.88 per cent stake in the company.

 

Easy Trip Planners is an Indian travel agency that provides services for booking flights, hotels, and holiday packages. They also offer travel management services for both leisure and business travelers.

 

In the past one year, East Trip Planners shares have lost 15.7 per cent against Sensex's rise of 8.2 per cent.