Nishant Pitti Resigns As EaseMyTrip CEO, Sells 1.41% Stake In Block Deal

Easy Trip Planners Ltd., the parent company of online travel aggregator EaseMyTrip, announced on Wednesday that its Chief Executive Officer and one of the promoters, Nishant Pitti, has resigned effective Jan. 1, citing personal reasons.

The company's board of directors has approved the appointment of Rikant Pitti, the company’s CFO and Nishant's brother, as the new CEO with immediate effect, according to an exchange filing.

On Dec. 31, Easy Trip promoter Nishant Pitti divested a 1.4% stake in the company for Rs 78.32 crore through an open market transaction. He offloaded 4.99 crore shares, representing a 1.41% stake in the company, according to the bulk deal data available on the National Stock Exchange. Following this transaction, Pitti's stake in Easy Trip has reduced to 12.8%, while the combined promoter holding has decreased to 48.97% from 50.38%.

Earlier in September, Nishant Pitti had divested a significant 14% stake in the company, raising Rs 920 crore through open market transactions.

EaseMyTrip, operated by Easy Trip Planners, was founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. The company has made several notable moves in recent months. In October, the board approved the issuance of bonus shares in a 1:1 ratio. The following month, it launched EMT Desk, an all-in-one platform aimed at transforming corporate travel.

Rikant Pitti, who co-founded EaseMyTrip in 2008, has played a key role in its growth and success. With over 16 years of experience in the travel and tourism industry, Rikant has developed a deep understanding of market trends and customer needs, positioning him well to lead the company into its next phase.

The travel company's stock was trading 1.07% lower at Rs 15.69 apiece, compared to a 0.39% advance in the benchmark Nifty 50 as of 15:22 p.m. 

It has fallen 22.70% on a 12-month basis. The relative strength index was at 42.32.

The one analyst tracking the stock has a 'sell' rating on it, according to Bloomberg data. The 12-month analyst target price on the stock is Rs 21, implying an upside of 33%.