Shares of Easy Trip Planners Ltd. (EaseMyTrip) saw a sharp decline of over 12 per cent on Wednesday morning following reports of a significant block deal. According to reports, the company's promoters are expected to sell an 8.5 per cent stake, triggering the sell-off. By 11:45 am, shares of Easy Trip Planners had plunged 12.55 per cen to Rs 35.88 on the BSE, while on the NSE, the stock was trading at Rs 35.48, down 13.42 per cent.
The day started with the stock opening at Rs 39.19 on the BSE, which was 4.5 per cent lower than Tuesday’s closing price of Rs 41.03. The share price continued its downward trajectory, reaching an intraday low of Rs 37.40, marking an 8 per cent drop from the previous day.
A block deal worth Rs 176.5 crore was executed on the exchanges, involving around 4.6 crore shares, equivalent to a 2.6 per cent stake in EaseMyTrip, at a floor price of Rs 38 per share. The deal price represented a slight discount to the stock's previous closing price.
Over the past year, shares of Easy Trip Planners have declined by 1.8 per cent, while the BSE Sensex has gained 28.6 per cent during the same period.
As of the June 2024 quarter, promoter Nishant Pitti held a 28.13 per cent stake in the company, Prashant Pitti owned 10.29 per cent, and Rikant Pittie held 25.88 per cent.
The travel booking platform posted a 31 per cent year-on-year (YoY) increase in its consolidated profit after tax, rising to Rs 33.93 crore in the June 2024 quarter from Rs 25.9 crore in the corresponding period last year.
Meanwhile, on Wednesday, the Sensex and Nifty are trading in negative territory as investors engage in profit-taking, staying cautious after a record-breaking rally and ahead of the upcoming monthly derivatives expiry.
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