Promoter – Nishant Pitti sold 49,30,99,666 Shares Worth Rs 18,40,13,12,449; Stock Under Rs 40 Hit 20 Per Cent Lower Circuit With 63 Times Spurt In Volume
The stock's volume surged by a staggering 63 times, indicating heightened interest and potential selling pressure.
The Indian stock market concluded today's trading session on a positive note. The benchmark indices, BSE Sensex and NSE Nifty-50, registered gains of 0.30% and 0.25%, respectively. This upward momentum pushed both indices to new 52-week highs. The BSE Sensex reached a peak of 84,247.42, while the NSE Nifty-50 touched a high of 26,032.80.
Amidst this overall bullish sentiment, a notable development unfolded in the Small-Cap space. A low-priced stock, trading below Rs 40, experienced a sharp decline, hitting an intraday low of Rs 32.83 per share. This represented a 20% drop from its previous levels. The stock's volume surged by a staggering 63 times, indicating heightened interest and potential selling pressure.
Promoter's Massive Sale Triggers Sharp Decline
The dramatic fall in the stock price can be attributed to a significant sale by the company's promoter, Nishant Pitti. Pitti offloaded a substantial quantity of shares, totalling 49,30,99,666, worth a staggering Rs 18,40,13,12,449. These shares were sold to various retail investors through open-market transactions. The data for the below table was obtained from the National Stock Exchange (NSE).
The stock name is Easy Trip Planners Ltd.
| |
Number of Shares |
Per Share Price |
Total Share Price |
| 6,73,57,201 |
37.42 |
2,52,05,06,461 |
| 1,00,00,000 |
38.28 |
38,28,00,000 |
| 6,73,57,201 |
37.42 |
2,52,05,06,461 |
| 1,00,00,000 |
38.28 |
38,28,00,000 |
| 16,91,92,632 |
37.22 |
6,29,73,49,763 |
| 16,91,92,632 |
37.22 |
6,29,73,49,763 |
| Total |
49,30,99,666 |
|
18,40,13,12,449 |
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About Easy Trip Planners Ltd
A publicly traded Indian travel platform, EaseMyTrip is one of the largest for air ticketing and among the fastest-growing internet companies. Founded in 2008 and profitable since the beginning, they offer flights, hotels, holidays, rail & bus tickets and other travel needs with no convenience fees. They connect users to over 400 airlines, 2 million hotels, and various local transportation options, operating in India with offices in major cities and internationally through subsidiaries. The company has a market cap of over Rs 6,000 crore.
Earlier, Easy Trip Planners Ltd, through its new subsidiary Easy Green Mobility, ventured into the electric bus manufacturing market. The company aims to manufacture EV buses, with YoloBus serving as its operating arm. This initiative marks a significant milestone in EaseMyTrip's commitment to sustainable mobility. With a focus on cutting-edge technology and energy-efficient battery systems, Easy Green Mobility aims to capture a significant share of the growing Indian electric bus market, offering innovative and eco-friendly travel solutions.
Disclaimer: The article is for informational purposes only and not investment advice.