Easy Trip Planners shares slip 11% in afternoon session, here's why

Shares of Easy Trip Planners Ltd plunged 11% in the afternoon session today amid reports that the Enforcement Directorate (ED) was carrying searches at multiple locations linked to EaseMyTrip promoter Nishant Pitti. EaseMyTrip is the subsidiary of Easy Trip Planners. 

EaseMyTrip in a statement said, "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. 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." 

Easy Trip Planners stock plunged 10.86% to Rs 11.90 today against the previous close of Rs 13.35 on BSE. Market cap of the travel firm stood at Rs 4,288.34 crore in the afternoon session today.

Reports further said raids were underway at 15 locations across India, including Delhi, Mumbai, Gurugram, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai and Sambalpur.