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EaseMyTrip Shares Hit Highs with 14.2% Jump After EV Announcement

EaseMyTrip shares surged 14.2% to Rs 44.38 on the NSE after announcing a new wholly-owned subsidiary for electric bus manufacturing, pending approval from the Ministry of Corporate Affairs.
EaseMyTrip Shares Hit Highs with 14.2% Jump After EV Announcement

EaseMyTrip shares surged by 14.2% on Thursday, reaching a high of Rs 44.38 per share on the NSE. This spike follows the company’s announcement regarding a significant new venture. The online travel company revealed its plans to establish a wholly-owned subsidiary dedicated to electric bus manufacturing. This move, pending approval from the Ministry of Corporate Affairs, marks a strategic diversification for the company.

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The Board of Directors approved the incorporation of this new subsidiary during their meeting on September 5, 2024. The decision reflects EaseMyTrip’s commitment to expanding its business interests beyond the travel sector and tapping into the growing electric vehicle market.

EaseMyTrip’s stock performance indicates strong market confidence in this new initiative. The company’s shift towards electric bus production aligns with broader industry trends favoring sustainable and eco-friendly transportation solutions.

Earlier this year, the company made headlines when it temporarily suspended flight bookings to the Maldives. This decision followed a boycott movement triggered by controversial remarks made by Maldivian officials about Indian Prime Minister Narendra Modi.

The company’s latest move into electric bus manufacturing demonstrates its adaptive strategy and ambition to explore new growth avenues beyond its core travel services.

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