Easy Trip Planners shares rally 6% even as EaseMyTrip cancels Maldives flight bookings; here's why

Shares of Easy Trip Planners Ltd jumped 6 per cent in Monday's trade, even as the promoter Nishant Pitti announced suspension of all Maldives flights by EaseMyTrip in the aftermath of the derogatory remarks made by now-suspended Maldivian ministers on India and the Prime Minister Narendra Modi over his recent visit to Lakshadweep.

On Monday, Easy Trip Planners shares rose 5.96 per cent to hit a high of Rs 43.90 on BSE. The stock gained, as Easy Trip Planners announced incorporation of a subsidiary in the name of “EasyTrip Insurance Broker Private Ltd” on January 5, with the company promoter Nishant Pitti as a director in the subsidiary company.

Pitti held 28.67 per cent stake in Easy Trip Planners as on September 30 while the promoter group owned 65.54 per cent stake in the company in the period mentioned. The Easy Trip Planners stock is flat in the last six months and down 18.46 per cent in the last one year.

In a filing to BSE, Easy Trip Planners had on January 6 suggested that EaseMyTrip Insurance Broker Private Limited will add a new revenue vertical for the company and enable it to scale up its business for insurance broker and related services. Its registered office is in the National Capital Delhi and the main object inter-alia is to carry out the Insurance Broker Business, Easy Trip Planners said.

On the deal consideration, Easy Trip Planner said 60 per cent subscription to the share capital is in cash. The authorised and subscribed capitals of the target entity stood at Rs 7.50 lakh, the company said.

Patti on Monday, in a post on X, erstwhile Twitter, said EaseMyTrip has suspended all Maldives flight bookings in solidarity with the nation.

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