During Tuesday, December 31’s early trading session, Easy Trip Planners’ stock dropped as much as 10%. On the last trading day of 2024, the stock did, however, gain some ground and ended 6.92 per cent lower at ₹15.87.
The share price of Easy Trip Planners opened at ₹15.76, about 7% lower than its closing price of ₹17.05. The stock continued to decline, reaching a low of ₹15.36 per share for the day. Nevertheless, the stock recovered 3.3% of the losses as of closing, settling 6.92% lower.
The precipitous decline in Easy Trip Planner’s stock price coincided with news that Nishant Pitti, the company’s promoter and co-founder, would sell out his remaining 14.21% ownership in the business in a block deal during Tuesday’s trading.
Share sale deal
Pitti allegedly intended to carry out a block deal worth an estimated ₹780 crore, according to a report by CNBC-TV 18.
According to the news channel, the block deal is anticipated to involve institutional investors such as CRAFT Emerging Market Fund PCC-Citadel Capital Fund, CRAFT Emerging Market Fund PCC-Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited, and Eminence Global Fund.
Stock Outlook
On the technical front, Jigar S Patel, Senior Manager of Techincal Research at Anand Rathi Shares and Stock Brokers, said, “EASEMYTRIP is currently facing multiple resistances in the 16-16.5 zone, primarily due to the Market Profile Point of Control (POC) acting as a barrier.”
“On the downside, 14.85 is expected to provide strong support. For the next 2-3 sessions, the stock is likely to remain in a sideways range between 14.85 and 16.5, as it consolidates,” the stock market expert added.
“However, if the stock manages a decisive close above ₹16.5, it could trigger fresh buying momentum, potentially driving prices higher. Traders should closely monitor the price action at these levels to identify breakout or breakdown opportunities while maintaining caution during the anticipated range-bound movement,” said Patel.
The business was founded in 2008 and is now among the biggest online travel agencies in the nation.
