EaseMyTrip CEO Nishant Pitti steps down, Rikant Pittie takes over
What's the story
Nishant Pitti, the co-founder and promoter of Easy Trip Planners (the parent company of EaseMyTrip), has stepped down as the company's CEO citing personal reasons. His resignation follows the sale of a 1.41% stake in the company for ₹78 crore. The move brought his total holding in the firm down to 12.8%. The company has named Rikant Pittie as the new CEO effective today.
Resignation
Pitti's resignation letter and stake sale details
In his resignation letter, Pitti wrote, "I, Nishant Pitti, Chairman and CEO of Easy Trip Planners Limited, hereby tender my resignation from the position of CEO due to personal reasons with effect from January 01, 2025." The stake sale was executed through an open market transaction. After this transaction, the combined promoter stakeholding in Easy Trip Planners has fallen to 48.97% from 50.38%.
Share acquisition
Arunaben Sanjaykumar Bhatiya acquires shares
Arunaben Sanjaykumar Bhatiya purchased 2.4 crore stocks of Easy Trip Planners at an average price of ₹15.86 per piece, making the deal worth ₹38.06 crore. Following these developments and the announcement of Pitti's resignation, the company's shares fell on the National Stock Exchange (NSE). It is currently trading ay ₹15.77 per share (down 0.63%).
Past transactions
Pitti's previous stake sale
Notably, this isn't the first time Pitti has trimmed his stake in Easy Trip Planners. In September 2023, he had sold a 14% stake in the firm for ₹920 crore via open market transactions.