EaseMyTrip capitalises on Maldives row, promotes offers on India travel
The travel aggregator suspended all flight booking to Maldives following the disparaging remarks made by Maldivian ministers against Indian Prime Minister Narendra Modi following his visit to Lakshadweep
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EaseMyTrip shares soared over 14 percent on January 11, continuing the uptrend amid the Maldives row. Currently, the Maldivian tourism authority is in talks with the homegrown travel aggregator to reopen flight bookings to the country. EaseMyTrip is concurrently offering discounts for travel within India.
In the aftermath of remarks, travel companies have responded, affirming their support for India. Nishant Pitti, the CEO and co-founder of travel booking platform EaseMyTrip, conveyed through a tweet, " In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings.”
The travel aggregator suspended all flight booking to Maldives following the disparaging remarks made by Maldivian ministers against Indian Prime Minister Narendra Modi following his visit to Lakshadweep. These Maldivian ministers are now suspended. EaseMyTrip CEO Nishant Pitti came in support. On January 8, Pitti posted on X, "In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings.” Pitti earlier said that the water and beaches of Lakshadweep are as good as Maldives and Seychelles. “We at @EaseMyTrip will come up with crazy special offers to promote this pristine destination that our PM @narendramodi has recently visited!” he tweeted on January 4.
According to a Moneycontrol report, At 12.26 pm, Easy Trip Planners was trading 13.9 percent higher from the previous close at Rs 50.40. In just the last five sessions, the stock has rallied 23 percent, outperforming benchmark Nifty 50, which has fallen marginally during the period. The counter has risen 15 percent in past six months compared to 11 percent rise in Nifty.
Beyond capitalising on current events, EaseMyTrip is also making strategic moves to expand its service portfolio. The recent launch of EaseMyTrip Insurance Broker Private Limited marks a foray into the insurance market. This new subsidiary aims to cater to the massive Rs 7.9 lakh crore Indian insurance market, leveraging EaseMyTrip's existing 20 million user base.
Curated by Tanaya Pradhan
