Easy Trip Planners Shares Slide 10% as Co-Founder Plans Stake Sale
Shares of Easy Trip Planners, the parent company of online travel aggregator EaseMyTrip, fell by as much as 10% following co-founder and promoter Nishant Pitti’s announcement to sell his remaining 14% stake via block deals. As of Tuesday, December 31, the transaction was still ongoing.
On the same day, approximately 3.4 crore shares, equivalent to 0.9% equity valued at ₹53 crore, were traded in block deals at ₹15.5 per share. The trade forms part of a larger transaction expected to finalize soon.
Details of the Stake Sale
According to reports on Monday, December 30, Nishant Pitti planned to sell his remaining 14.21% stake in Easy Trip Planners for an estimated ₹780 crore.
The sale price was set at a floor of ₹15.6 per share, with institutional investors such as CRAFT Emerging Market Fund PCC and Multitude Growth Funds Limited expected to participate in the deal.
This announcement comes after Pitti’s earlier stake sale on September 25, where he sold 24.65 crore shares, representing 14% of the company’s share capital, at prices between ₹37.11 and ₹38.28 per unit, earning ₹920 crore.
Stock Performance and CEO Transition
On Monday, December 30, shares of Easy Trip Planners closed 10% lower at ₹15.39 per share, marking a 24.37% decline in the stock’s value this year.
Nishant Pitti, citing personal reasons, also stepped down as CEO of the company effective January 1. He has been succeeded by his brother, Rikant Pittie, who was previously the CFO.
In an exchange filing, the company stated, “EaseMyTrip.com has announced the appointment of Rikant Pittie as its Chief Executive Officer (CEO) and Co-founder.
In his new role, Rikant will lead the company’s strategic initiatives, drive innovation, and enhance customer experiences to further strengthen EaseMyTrip’s position in the industry.”
Impact on Promoter Holdings
The sale of 4.99 crore shares by Nishant Pitti on December 31 reduced his stake to 12.8%, down from 14.21%. Following this transaction, the combined promoter holding fell from 50.38% to 48.97%.
Despite these changes, Prashant Pitti, Managing Director, reaffirmed the promoter family’s commitment to the company, stating during the September quarter earnings call, “We still own more than 50% of the company, and our interests remain well-aligned with shareholders.”
Rikant Pittie’s Vision as CEO
Rikant Pittie, who has over 15 years of experience in travel, tourism, HR, and technology, expressed his dedication to advancing the company’s mission.
He stated, “At EaseMyTrip, our mission goes beyond simply offering an enhanced travel experience. It is about setting new benchmarks. We are dedicated to pioneering innovative solutions that empower travelers globally.”
A graduate of Kurukshetra University, Rikant joined the Easy Trip board in 2011 and has held directorships in several privately held entities, including Easy Builders and Spree Hotels.
His appointment as CEO is expected to bring continuity and innovation to EaseMyTrip’s operations.
Financial Performance and Outlook
EaseMyTrip’s Q2 FY25 financial results showed flat revenue growth of ₹131 crore, compared to ₹130.7 crore in Q2 FY24. However, profits dropped significantly by 42.6% to ₹27 crore.
Despite the challenges, the company’s leadership expressed confidence in its long-term growth potential and alignment with shareholder interests.
The recent developments at EaseMyTrip highlight a significant transition period for the company. Nishant Pitti’s exit as CEO and the sale of his stake signal changes in leadership and ownership.
As Rikant Pittie takes the helm, the company’s focus remains on innovation and enhancing its market position. Investors and stakeholders will closely watch how these changes impact the company’s future performance.
