Pitti, in a post on X, said he sold a “small portion” of his promoter shares for “personal reasons”
Besides selling his stake in the company, Pitti also quit from the CEO position on January 1
During the company’s Q2 FY25 earnings call, the cofounders were questioned about selling almost 25% of their stake since March 2023
A few days after he sold 1.4% stake in Easemytrip
and stepped down from the position of the CEO of the listed online travel aggregator (OTA), its cofounder Nishant Pitti has said that he is confident about the company’s future.
Pitti, in a post on X, said he sold a “small portion” of his promoter shares for “personal reasons”. “I want to assure you this does not reflect any lack of confidence in EaseMyTrip’s bright future… To honor your trust, I have thoughtfully limited my share sale and confirm there will be no further sales from my side,” his post read.
On Tuesday (December 31), Pitti sold 5 Cr shares of the company via a block deal for INR 78.3 Cr. Following the sale, Pitti holds a 12.80% stake in the company. Prior to the deal, media reports had said that Pitti was looking to offload his entire 14.21% stake in the company.
Meanwhile, responding to Pitti’s post, many users pointed out that the cofounders of EaseMyTrip have been on a selling spree for some time now. During the company’s Q2 FY25 earnings call, the cofounders were questioned about selling almost 25% of their stake since March 2023.
“As a promoter group, we still own more than 50% of EaseMyTrip, and hence, our interests are very well aligned with other stakeholders, and we are looking forward to doing our best to continue to grow the company… Moving forward to continue, I will not be able to comment on the future in any respect. However, our interests are very well aligned with the growth of the company,” cofounder Prashant Pitti said during the call.
In the case of Nishant, the January stake sale was the second such instance after September 2024. He had sold 24.65 Cr shares of the company for INR 920 Cr three months ago.
Besides selling his stake in the company, Pitti also quit from the CEO position on January 1. His brother and the OTA’s cofounder Rikant took up the position post his exit.
“With a talented team and Rikant’s visionary leadership, EaseMyTrip is on a strong growth path,” Nishant said in his post on X.
Pitti’s exit also triggered a downfall for EaseMyTrip’s shares this week. Between December 30 and January 3, its shares dropped about 6% to close at INR 15.52 on the BSE on Friday.
