Shares of Easy Trip Planners Ltd (EaseMyTrip) tumbled 10 per cent in Tuesday's trade amid reports co-founder and promoter Nishant Pitti was looking to sell his remaining 14 per cent stake in the company for about Rs 780 crore. The scrip fell 9.51 per cent to hit a low of Rs 15.42 on NSE. The counter logged a turnover of Rs 127.43 crore on NSE so far.
Pitti owned 50,37,21,910 shares at the end of September quarter. As per Moneycontrol report he was looking to sell EaseMyTrip shares at Rs 15.60 per unit. This was at 8.45 per cent discount to the previous closing price
On September 25 this year, Pitti was seen selling 1,00,00,000 at Rs 38.28 apiece, 16,91,92,632 shares at Rs 37.22 apiece and 6,73,57,201 shares at Rs 37.42 apiece, totalling 24.65 crore shares, or 14 per cent stake for Rs 920 crore.
He was also seen selling 62,578,220 Easy Trip Planners shares on BSE in June 2023 at Rs 42.60 per share. EaseMyTrip shares have tumbled 16.56 per cent in 2024 so far. The stock on November 29 turned ex-bonus in the 1:1 ratio.
In the past five trades, the stock was down 6.28 per cent. The scrip has fallen 23.78 per cent in 2024 so far.
Moneycontrol quoting sources said institutional investors including CRAFT Emerging Market Fund PCC - Elite Capital Fund, Multitude Growth Funds Limited, CRAFT Emerging Market Fund PCC - Citadel Capital Fund, Nexpact Limited and Eminence Global Fund are expected to participate in the fresh block deal.
Easy Trip Planners reported 45.16 per cent drop in profit at Rs 25.87 crore for the September quarter compared with Rs 47.18 crore YoY. Revenue for the quarter rose 2.1 per cent to Rs 144.67 crore from Rs 141.69 crore.
Q2 Ebitda fell to Rs 42.29 crore from Rs 67.65 crore YoY, with Ebitda margin declining to 28.2 per cent against 46.8 per cent YoY. The gross booking revenue (GBR) for the quarter stood at Rs 2,075.64 crore.
Post its Q2 results, the company said its non-air business segments were key drivers of growth for the quarter. The Hotels segment recorded a GBR of Rs 241.40 crore, up 178.4 per cent year-on-year growth.