EaseMyTrip issues statement on ED raids, denying association with Mahadev Betting App; stock reacts

EaseMyTrip, a subsidiary of Easy Trip Planners Ltd, shared an official statement about the Enforcement Directorate (ED) raids on Thursday. "As per information available in the public domain, the ED conducted searches at over 50 locations of various persons/ corporates. Amongst them one was EaseMyTrip premises," the online travel aggregator stated in a BSE filing.

"While EaseMyTrip has no direct or indirect association with the Mahadev Betting App or any other betting platform, we remain fully committed to cooperating with the authorities throughout the course of the investigation," an EaseMyTrip spokesperson said.

On the stock-specific front, Easy Trip Planners slipped 1.96 per cent to hit a day low of Rs 11.96. "Technically, EaseMyTrip has been in a consolidation phase with support placed around Rs 11.60-11.20 and any plunge below the same could be disruptive," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

Rs 13.50 seems a daunting task on the higher end while an authoritative breach above the said level could only provide some positive triggers, Krishan added.

The scrip traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 47.64. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a price-to-equity (P/E) ratio of 50.92 against a price-to-book (P/B) value of 6.14. Earnings per share (EPS) stood at 0.24 with a return on equity (RoE) of 12.22. According to Trendlyne data, Easy Trip Planners has a one-year beta of 1, indicating average volatility.

As of December 2024, promoters held a 50.38 per cent stake in the company.