EaseMyTrip's Nishant Pitti clarifies 1.4% stake sale, affirms confidence in company's future

EaseMyTrip co-founder Nishant Pitti on Friday asserted that he sold a 1.4% stake in Easy Trip Planners due to "personal reasons" and does not indicate a lack of confidence in the company's future.

"I recently sold a small portion of my promoter shares for personal reasons. This does not reflect any lack of confidence in EaseMyTrip's bright future," Pitti said in a post on social media platform X.

According to bulk deal data from the National Stock Exchange (NSE), Pitti sold 4.99 crore shares at an average price of ₹15.68 apiece, amounting to a total transaction value of ₹78.32 crore. Post-sale, his holding in EaseMyTrip has reduced to 12.8% from 14.21%, while the combined promoter stake now stands at 48.97%, down from 50.38%.

Pitti affirmed that he had limited the extent of his share sale and does not plan any further offloading.

Easy Trip Planners shares on Tuesday declined 6.98% to close at ₹15.85 apiece on the NSE.

This is Pitti's second major stake sale in recent months. In September 2023, he divested a 14% stake in the company for ₹920 crore through open market transactions.

"With a talented team and Rikant’s visionary leadership, EaseMyTrip is on a strong growth path. To honor your trust, I have thoughtfully limited my share sale and confirm there will be no further sales from my side," he said.

Easy Trip Planners Ltd, the parent company of EaseMyTrip, was co-founded in 2008 by the Pitti brothers.