Easy Trip Planners shares soared over 17 percent in early trade on Monday after its former CEO and promoter Nishant Pitti confirmed that there would be no further sale of promoter stake in the company.
Taking to social media platform X, Pitti on Monday reassured investors by stating, "Confirming again there is no promoter selling."
The development comes shortly after Pitti, who stepped down as CEO on January 1, clarified in an earlier post on January 3 that he remains committed to the company’s growth and does not intend to offload more shares. "The brand is on a strong growth path," he had said.
Pitti’s remarks come against the backdrop of his recent stake sale on December 31, which reduced his individual holding in the company to 12.8 per cent. The overall promoter holding now stands at 48.97 per cent, down from 50.38 per cent earlier.
Commenting on the company’s future plans, Pitti said he would now focus on steering Easy Trip Planners’ global expansion and new business verticals, including corporate travel and luxury tourism. "As Chairman, I’ll focus on shaping our future and driving international expansions, while Rikant steps in as CEO to lead day-to-day operations and driving our vision forward. Big things coming!" he said in a post on X on January 6.
He also highlighted the company’s focus on leveraging advanced technologies like artificial intelligence, data analytics, and blockchain to enhance customer experiences. Additionally, he emphasised efforts to promote eco-friendly travel and carbon offset initiatives.
Exciting times ahead for @EaseMyTrip! As Chairman, Ill focus on shaping our future and driving international expansions, while Rikant steps in as CEO to lead day-to-day operations and driving our vision forward. Big things coming!Confirming again there is no promotor selling.
Nishant Pitti (@nishantpitti) January 6, 2025
The company earlier announced that Rikant Pittie, Nishant’s brother and the current Chief Financial Officer, has been appointed as the new CEO with immediate effect.
The stock of the company touched an intraday high of Rs 18.25 per share on the NSE, rising 17.67 percent from its previous close.
At 10:45 AM on Monday, shares of Easy Trip Planners were trading at Rs 16.76 per share on the NSE, up 8.06 percent on the NSE.
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