On September 25, 2024, shares of Easy Trip Planners Ltd. (EaseMyTrip) saw a significant decline, dropping by 20% to an all-time low of Rs 32.83. The main reason behind this sharp fall was the news that promoter Nishant Pitti is planning to sell 15 crore shares, which make up 8.5% of the company’s total share capital, in a block deal estimated at around Rs 580 crore.
Easemytrip Share Price Fall Due To Promoters Sale
The easemytrip share price opened lower at Rs 39.19, already down from the previous day’s close of Rs 41.03. As the trading session progressed, the stock continued to drop, reaching Rs 35.88 on the BSE and Rs 35.48 on the NSE by mid-morning, marking a decline of over 12.5%. Trading volumes surged, with over 5 crore shares changing hands, resulting in a turnover of more than Rs 180 crore.
From a technical perspective, the easemytrip share price is currently trading below key moving averages, which signals a bearish trend. Analysts have identified immediate support levels at Rs 30.25, with further support at Rs 28. Unless the stock closes above its resistance level of Rs 38, it could face continued downward pressure.
In the short term, the easemytrip share price may see some recovery if it holds above Rs 39, with possible targets around Rs 44 and Rs 47. However, if it remains below Rs 39, further declines could be expected. In the longer term, analysts remain optimistic about the company’s potential for growth, projecting an annual earnings increase of 29.5% and revenue growth of 13%.
While the easemytrip share price faces immediate challenges, especially with the ongoing share sale, there is hope for a potential recovery in the future as the company continues to expand its business.
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