Yatra shares down 6% today: Here we decode why
What's the story
Shares of Yatra Online, a leading travel and tour services company, plunged over 6% in intraday trade today. The decline comes after the company's CEO Dhruv Shringi announced his resignation due to personal reasons. He will continue to serve as the whole-time director and has been appointed as chairman of the Board of Directors.
Leadership transition
Siddhartha Gupta appointed as new CEO
Yatra Online's board has approved the appointment of Siddhartha Gupta as the new CEO and key managerial personnel, effective today. The company said this strategic leadership transition is intended to power its next phase of growth. Shringi expressed confidence in Gupta's appointment, saying his experience in enterprise sales and SaaS perfectly aligns with Yatra's B2B-first strategy.
Professional background
Gupta's extensive experience in enterprise technology
Gupta, who has previously held senior positions at SAP, HP, and high-growth SaaS companies in India and abroad, brings over 25 years of experience in enterprise technology and B2B SaaS. Under Shringi's leadership over the last 12 months, Yatra has onboarded 148 new corporate clients with an annual potential business worth over ₹700 crore.
Market reaction
Yatra Online's share performance
After the leadership transition, Yatra Online's share price fell 6.3% to ₹162.45 apiece on the BSE today. The small-cap stock had previously gained 59% in six months and 37% year-to-date (YTD). However, over the past week alone, shares have fallen by 14%. Anshul Jain, Head of Research at Lakshmishree, said this decline is simply retesting a breakout zone and could be a fresh opportunity for long positions if bullish evidence appears on the weekly chart from this zone.