Nishant Pitti, the co-founder and CEO of Easy Trip Planners, has resigned, effective January 1, 2025. The move comes after his previous decision to sell a 1.4% ownership in the company, which runs the online travel portal EaseMyTrip. Pitti explained in a stock exchange filing that he was stepping down for personal reasons.
Nishant Pitti sold 4.99 crore shares, or 1.41% of Easy Trip Planners, according to bulk deal data that is accessible on the National Stock Exchange (NSE).
The transaction value was ₹78.32 crore after the shares were sold at an average price of ₹15.68 per. Following the purchase, Pitti’s stake in Easy Trip Planners dropped from 14.21% to 12.8%. Additionally, the total promoter ownership in the business has decreased from 50.38 percent to 48.97 percent.
Easy Trip Planners Share Price
In contrast to the benchmark Nifty 50’s 0.39% gain, the travel company’s shares was trading 1.07% lower at Rs 15.69 per share at 15:22 p.m. It has decreased by 22.70% during the past 12 months. At 42.32, the relative strength index was recorded. Using data from Bloomberg, the one analyst that is following the stock has a “sell” recommendation. An upside of 33% is implied by the 12-month analyst target price of Rs 21 for the stock.
Rikant Pittie appointed as new CEO
The new CEO of EasyMyTrip, Rikant Pittie, was named on Wednesday. In 2008, Rikant co-founded EaseMyTrip and has played a significant role in its expansion and prosperity. He has worked in travel and tourism for almost 16 years. “The travel industry is at a transformative juncture where technology and personalization are redefining how people explore the world,” stated Rikant Pittie, who was appointed CEO. Our goal at EaseMyTrip extends beyond only providing a better travel experience. It’s about establishing new standards.
Share Performance
Easy Trip Planners’ stock dropped 6.98% on Tuesday, closing at Rs 15.85 a share on the NSE. The market’s response to these events is reflected in this decrease, which came after Nishant Pitti’s stake sale was announced. The most recent deals demonstrate how Easy Trip Planners’ shareholder dynamics are always shifting as stakeholders modify their stances in reaction to strategic choices and market conditions.
