EaseMyTrip Shares Plunge After Reports Claim Co-Founder Nishant Pitti Set To Exit The Company

This sale will indicate a complete exit for Pitti from EaseMyTrip which is operated by the listed company, Easy Trip Planners. The deal is scheduled for December 31, 2024.

EaseMyTrip co-founder, Nishant Pitti, has decided to offload his stake and exit the company. In a block deal worth Rs 780 crore, Pitti is set to divest his remaining 14 per cent stake in the firm, several media reports said. The deal is scheduled for December 31, 2024.

The block deal includes 500 million shares priced at Rs 15.6 apiece. The transition will reportedly see participation from major institutional investors such as Nexpact Limited, Multitude Growth Funds Limited, Elite Capital Fund, CRAFT Emerging Market Fund PCC’s Citadel Capital Fund, and Eminence Global Fund, reported Business Standard.

This sale will indicate a complete exit for Pitti from EaseMyTrip which is operated by the listed company, Easy Trip Planners. Earlier in September 2023, the co-founder divested a 14 per cent share in the firm, representing 246.5 million shares for Rs 920 crore. The deal was executed in the price range of Rs 37.11 to Rs 38.28 per share.

Notably, the online travel company clocked a 45.2 per cent decline in its consolidated net profit in the July-September quarter in the 2024-25 fiscal year (FY25) to nearly Rs 26 crore, in comparison to the corresponding period a year earlier. However, the firm clocks a marginal hike of 2.1 per cent in the net sales seen during the quarter as against the year-ago period.

During its earnings, the firm in a statement said, “The company is investing Rs 200 crore for research and development (R&D), product development, and establishing a manufacturing plant over the next 2-3 years, targeting the rapidly growing Indian electric bus market, which is projected to grow at a compound annual growth rate (CAGR) of 24 per cent from 2024 to 2030.”

EaseMyTrip Share Price

Following the reports of the deal, the shares of the company plunged sharply. Around 10.22 AM, the firm’s shares traded over 8 per cent lower at Rs 15.67 apiece on the BSE. By afternoon, the company’s shares pared their losses, however, continued to trade at a loss of more than 4.5 per cent. As of 1:51 PM, the shares of the firm traded at Rs 16.25 apiece, slipping 4.69 per cent in the session.