Following Chairman Nishant Pitti's announcement that promoters would not be selling any more stakes, Easy Trip Planners Ltd.'s stock rose 15%. Following a recent 1.4% share sale, Pitti reassured investors about the company's healthy operations and focus on worldwide expansion, particularly luxury tourism and business travel.
On Monday, January 6, Easy Trip Planners Ltd., the parent company of the online travel aggregator EasyMyTrip, saw a notable 15 percent increase in its shares after its Chairman, Nishant Pitti, declared that no promoters will ever again sell any stakes in the company.Pitti reassured investors about the company's direction on X, formerly Twitter. He underlined his resolve to lead the company's global operations and mold its future in his capacity as chairman. Pitti wrote, "Big things are coming," reiterating that "there is no promotor selling."
In his letter, Pitti emphasized Easy Trip Planners' unique no-convenience-fee business model and the company's successful operations since its founding. According to him, the business is committed to growing internationally and intends to venture into new markets including luxury and corporate travel.
Pitti's declaration followed a significant event on December 31 when he raised ₹78.32 crore by selling a 1.4 percent interest in Easy Trip Planners on the open market.
There has also been a recent shift in the organization's leadership structure. Citing personal reasons, Pitti announced his resignation as CEO on December 31 with effect from January 1, 2025. Pitti remains Chairman even though he resigned as CEO, where he would monitor the company's growth trajectory and concentrate on strategic initiatives.
"I, Nishant Pitti, Chairman and CEO of Easy Trip Planners Limited, hereby tender my resignation from the position of CEO due to personal reasons with effect from January 01, 2025," Pitti wrote in his letter of resignation. Please acknowledge receipt of this resignation, accept it, and remove me from my position as CEO of the company."
EaseMyTrip said that Rikant Pittie had been appointed as its new CEO after Nishant Pitti resigned. As the online travel aggregator prepares for its next stage of expansion, the leadership change represents a calculated move.
Concerned about his recent stock sale, Nishant Pitti informed investors on January 3 that this move does not reflect a lack of faith in EaseMyTrip's future.
Pitti's declaration followed a significant event on December 31 when he raised ₹78.32 crore by selling a 1.4 percent interest in Easy Trip Planners on the open market.
There has also been a recent shift in the organization's leadership structure. Citing personal reasons, Pitti announced his resignation as CEO on December 31 with effect from January 1, 2025. Pitti remains Chairman even though he resigned as CEO, where he would monitor the company's growth trajectory and concentrate on strategic initiatives.
"I, Nishant Pitti, Chairman and CEO of Easy Trip Planners Limited, hereby tender my resignation from the position of CEO due to personal reasons with effect from January 01, 2025," Pitti wrote in his letter of resignation. Please acknowledge receipt of this resignation, accept it, and remove me from my position as CEO of the company."
EaseMyTrip said that Rikant Pittie had been appointed as its new CEO after Nishant Pitti resigned. As the online travel aggregator prepares for its next stage of expansion, the leadership change represents a calculated move.
Concerned about his recent stock sale, Nishant Pitti informed investors on January 3 that this move does not reflect a lack of faith in EaseMyTrip's future.
Nishant Pitti highlighted the company's solid base and room for expansion under Rikant Pittie's direction. "With a talented team and Rikant's visionary leadership, EaseMyTrip is on a strong growth path," Pitti said.
Along with reaffirming that his share sale was carefully restrained and promising that no more sales from his end would occur, he also vowed to uphold investor confidence.
"To honor your trust, I have thoughtfully limited my share sale and confirm there will be no further sales from my side," Pitti continued, thanking investors for their persistent support. I appreciate your steadfast support. We will succeed much more if we work together. The finest is still to come.
Trend of Stock Prices
The stock reached an intra-day high of ₹17.84 after rising 15% on the BSE. The stock is currently 34% below its February 2024 52-week high of ₹27. In the meantime, it has increased by more than 25% since October 2024, when it hit a 52-week bottom of ₹14.23. The stock has dropped 25% in the past year.
Along with reaffirming that his share sale was carefully restrained and promising that no more sales from his end would occur, he also vowed to uphold investor confidence.
"To honor your trust, I have thoughtfully limited my share sale and confirm there will be no further sales from my side," Pitti continued, thanking investors for their persistent support. I appreciate your steadfast support. We will succeed much more if we work together. The finest is still to come.
Trend of Stock Prices
The stock reached an intra-day high of ₹17.84 after rising 15% on the BSE. The stock is currently 34% below its February 2024 52-week high of ₹27. In the meantime, it has increased by more than 25% since October 2024, when it hit a 52-week bottom of ₹14.23. The stock has dropped 25% in the past year.
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