In response to the disparaging remarks made by the now-suspended Maldivian ministers about India and Prime Minister Narendra Modi regarding his recent visit to Lakshadweep, Easy Trip Planners Ltd.'s shares surged 6% during Monday's trading. Meanwhile, the company's promoter, Nishant Pitti, announced that EaseMyTrip would be suspending all Maldives flights. Easy Trip Planners' stock increased 5.96 percent on Monday, reaching a high of Rs 43.90 on the BSE. The stock increased after Easy Trip Planners declared on January 5 that it had formed a subsidiary under the name "EasyTrip Insurance Broker Private Ltd." Nishant Pitti, the company's promoter, will serve as a director of the business.
As of September 30, Pitti owned a 28.67% share in Easy Trip Planners, while the promoter group held a 65.54% stake during the same time period. Over the past six months, Easy Trip Planners' stock has been stable, and over the past year, it has decreased by 18.46%.
Easy Trip Planners proposed on January 6 in a filing to the BSE that EaseMyTrip Insurance Broker Private Limited establish a new income vertical for the company and allow it to grow its insurance broker and related services business. According to Easy Trip Planners, the company's primary goal is to conduct insurance broker business, and its registered office is located in Delhi, the nation's capital.
According to Easy Trip Planner, 60% of the share capital subscription is paid for in cash as part of the sale consideration. The target entity's authorised and subscribed capital was Rs 7.50 lakh, according to the corporation. In a message on X, the former Twitter platform, Patti stated on Monday that EaseMyTrip has halted all reservations for flights to the Maldives as a show of support for the country.
