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Shares of Easy Trip Planners Ltd plunged in Wednesday’s trade to hit their record low levels. The stock nosedived 20 per cent to touch its lower circuit value of Rs 32.83 after a block deal involving shares worth Rs 176.5 crore of the company (Easy Trip Planners Ltd) took place on the exchanges on September 25.
Around 4.6 crore shares, representing a 2.6 per cent stake in EaseMyTrip changed hands at a floor price of Rs 38 apiece, implying a marginal discount to the previous closing price.
On Tuesday, September 24, sources told CNBC-TV18 that the company’s promoter Nishant Pitti was to sell up to 8.5 per cent of his stake in the company via block deals, with an estimated block size of Rs 622 crore.
At the end of the June quarter, Pitti held 28.13 per cent stake in Easy Trip Planners.
Easy Trip Planners recently also ventured into the medical tourism industry, with its board approving the acquisition of 30 per cent stake in Rollins International for Rs 60 crore and 49 per cent stake in Pflege Home Healthcare Center for Rs 30 crore.
Earlier this month, the company anounced its plans to foray into EV manufactuing. Its board approved the proposal to incorporate a wholly-owned subsidiary to manufacture electric buses. The same is subject to necessary approvals from the ministry of corporate affairs.
Easy Trip Planners shares were down 7.2 per cent at Rs 38.03 apiece at 9.30 am on Wednesday, September 25.
Easemytrip closed at Rs 40.99 per unit on September 24, down 1.3 per cent. Over the past year, Easy Trip Planners shares have traded flat, recording a meagre loss of two per cent. In comparison, the headline Nifty 50 index surged 31 per cent during the same time period.
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