Shares of EaseMyTrip (Easy Trip Planners Ltd) plummeted by 20% on September 25, hitting the lower circuit at ₹32.78 on the NSE, following a block deal where promoter Nishant Pitti offloaded 4.6 crore shares worth ₹176.5 crore. The shares were sold at a floor price of ₹38 apiece, a slight discount to the previous closing price of ₹40.99.
According to sources, Pitti is expected to sell a larger portion of 15 crore shares, representing 8.5% of the total share capital, with the transaction valued at nearly ₹580 crore. Institutional investors are believed to be the primary buyers. As of June 2024, Pitti held a 28.1% stake in the company.
Despite EaseMyTrip’s recent decline, its stock has remained relatively flat over the past year, posting a minor loss of 2%, while the Nifty 50 index surged by 31% during the same period.
Motilal Oswal and SMC were appointed as brokers to facilitate the block deal.
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