EaseMyTrip share price experienced a significant drop of 20% following a block deal where promoter Nishant Pitti offloaded shares worth ₹176.5 crore. Approximately 4.6 crore shares, representing 2.6% of the company’s stake, changed hands at a floor price of ₹38 each, indicating a slight discount.
The block deal occurred on September 25, with sources suggesting that multiple institutional investors were the likely buyers. Initially, it was reported that Nishant Pitti planned to sell 15 crore shares, equating to 8.5% of EaseMyTrip’s total share capital. Pitti held a 28.1% stake as of June 2024.
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The transaction’s floor price was set at ₹38, contributing to a total estimated deal value of nearly ₹580 crore. The significant stake sale reflects strategic moves by the promoter, aiming to realign their holdings while attracting institutional interest in the company’s shares.
In the aftermath of the block deal, EaseMyTrip shares hit the lower circuit limit on the NSE, plunging to ₹32.78 per share. Before this drop, the stock closed at ₹40.99 on September 24, down by 1.3%. Over the past year, the shares have remained relatively flat.
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In comparison to the broader market, where the Nifty 50 index surged by 31%, Easy Trip Planners’ shares have seen a minimal decline of 2% over the same period. This contrast highlights the challenges the company faces amid fluctuations in its stock performance and strategic stake sales.
