Easy Trip drops to 52-week low after promoter likely sells 8.5% stake in co

The company's Co-founder and CEO Nishant Pitti was the likely seller in the multiple block deals transacted on the counter

Easy Trip Planners shares dropped as much as 8 per cent to register a 52-week low of Rs 37.01 per share on the BSE after reports indicated that one of the company's promoters, Nishant Pitti was the likely seller of an 8.5 per cent stake in the company.  

At around 10:33 AM, shares of Easy Trip Planner were down 7.65 per cent at Rs 37.89 per share on BSE. In comparison, the BSE Sensex traded 0.04 per cent lower at 84,884.26 around the same time.

According to data available on the BSE, 22.42 million shares had changed hands on the counter via multiple block deals. 

Reports had indicated earlier that one of the company's promoters, Nishant Pitti, who is also the company's Co-founder and CEO, was likely to sell up to an 8.5 per cent stake in the company, with an estimated deal size of Rs 622 crore, through block deals. However, buyers and sellers of the transactions were not known. 

At the end of the June 2024 quarter, promoter Nishant Pitti held 28.13 per cent stake in the company, and Prashant Pitti held 10.29 per cent shares, while Rikant Pittie held 25.88 per cent equity in the company.

Easy Trip Planner Q1FY25

In terms of financials, the travel booking platform reported a 31 per cent year-on-year (Y-o-Y) rise in its consolidated profit after tax to Rs 33.93 crore in the June 2024 quarter, compared to Rs 25.9 crore in the same quarter last fiscal.

EaseMyTrip Planners' total income increased to Rs 156.22 crore in the April-June period, from Rs 126.64 crore, a year ago.

However, its total expenses also rose to Rs 109.03 crore during the quarter under review, compared to Rs 91.56 crore year-on-year (Y-o-Y).

"EaseMyTrip sustained its bottom-line growth during the relevant period, continuing with steady operational momentum along with continued focus on profitability," said Nishant Pitti, Co-founder and CEO of EaseMyTrip, in an exchange filing.

In the past one year, shares of Easy Trip Planners have lost 1.8 per cent, compared to the BSE Sensex's gain of 28.6 per cent during the same period.