Easy Trip Planners Ltd., a leading travel and tourism stock on the BSE and NSE, nosedived by at least 11% on Wednesday, April 16, after reports said that the Enforcement Directorate (ED) carried out searches at multiple locations that were related to the company's promoter, Nishant Pitti. YTD, Easy Trip's share price is down by over 22%. Easy Trip holds a record of rewarding three bonuses and one dividend while subdividing its stock in a 1:2 ratio in 3 years.
Easy Trip Planners Share Price:
On BSE, after market hours on April 16th, Easy Trip's share price stood at Rs 12.20 apiece, down by 8.61%, with a market cap of Rs 4,323.78 crore. However, during its trading session, the stock hit its intraday low of Rs 11.90 apiece, with an overall decline of 10.9%, which was near its 52-week low of Rs 10.71 apiece. This travel stock has nearly halved from its 52-week high of Rs 23.85 apiece.
Why Easy Trip Planners' Share Price Dropped?
A CNBC-TV18 report claimed that the ED conducted raids on Wednesday at multiple locations linked to Ease My Trip in connection with the Mahadev Betting App case. As many as 15 locations, including Delhi, Mumbai, Gurugram, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur, are under investigation.
Further, the ED has reportedly been conducting searches at Pitti's premises. He is the founder and chairman of EaseMyTrip, which is the leading online travel booking platform and subsidiary of Easy Trip Planners.
As per the shareholding pattern, Nishant Pitti holds a whopping 503,721,910 equity shares, or 14.21% stake in Easy Trip Planners, by the end of the December 2024 quarter, as per BSE data. He is the second-largest promoter after Rikant Pittie, who holds a 25.88% stake in the company.
What Is the Mahadev Betting App Case?
The Mahadev Betting App Case is a high-profile scandal involving an online betting platform that enabled illegal gambling on various games, including poker, card games, badminton, tennis, football, and cricket. The app was operated by Dubai-based Saurabh Chandrakar, a former juice seller, and his accomplice Ravi Uppal, both of whom hail from Chhattisgarh, according to the Enforcement Directorate (ED). There are other Kingpins in this scam. This scam is worth more than 40000 crore, as per Wikipedia.
Easy Trip Planners Corporate Actions:
At the latest, the travel giant rewarded investors with bonus issue of 1:1 ratio in November last year, However, this was the third bonus issue by Easy Trip Planners. Earlier, the company paid the first bonus issue of a 1:1 ratio in February 2022, followed by another 3:1 bonus issue in November 2022, which is the highest bonus by the company.
Apart from this, the company has turned ex-split on November 21, 2022, for its stock split ratio of 1:2, where face value was trimmed from Rs 2 to Re 1. Lastly, the company delivered an interim dividend of Rs 0.10, and its ex-date was in December 2023.
Should You Buy Easy Trip Planners Stock?
As per Trendlyne data, the consensus recommendation of 1 analyst is SELL on the stock. However, EPS is expected to grow by 244.8% in FY25. The average 1-year target price is set at Rs 21, though.
About Easy Trip Planners:
EaseMyTrip offers its users the option of zero convenience fees during bookings. EaseMyTrip provides its users with access to more than 400 international and domestic airlines, over 2+ million hotels, as well as train/bus tickets and taxi rentals for major cities in India. Founded in 2008, EaseMyTrip has offices across various Indian cities, including Noida, Delhi and Gurugram, Bengaluru, and Mumbai. Its international offices (as subsidiary companies) are in the Philippines, Singapore, Thailand, the UAE, the UK, the USA and New Zealand.
Click it and Unblock the Notifications
Sign in with Google