Shares of Easy Trip Planners, the operator of the popular online travel portal EaseMyTrip, witnessed a notable surge of more than 14 percent on January 11, extending the upward trend triggered by recent developments related to the Maldives row. The Maldivian tourism body’s call for EaseMyTrip to resume flight bookings to the island nation has played a pivotal role in the positive market response.
The travel aggregator had temporarily suspended all flight bookings to the Maldives following disparaging remarks made by now-suspended Maldivian ministers against India and Prime Minister Narendra Modi, following his visit to Lakshadweep. In response to the situation, EaseMyTrip announced discount codes “NATIONFIRST” and “BHARATFIRST” on January 10, offering customers attractive discounts amidst the diplomatic tension.
CEO and co-founder Nishant Pitti, addressing the issue on the X platform (formerly Twitter), stated, “Now use discount codes NATIONFIRST or BHARATFIRST @EaseMyTrip to avail better discounts.” These discounts emerged a day after the Maldives Association of Tour and Travel Operators (MATATO) urged EaseMyTrip to dismiss the regrettable comments, emphasizing that they did not represent the sentiments of Maldivians in general.
The tourism body highlighted the significant role of Indian tourists, who have been crucial for the Maldivian economy, especially as they topped foreign arrivals to the country post-Covid. In a statement addressed to Pitti, MATATO expressed gratitude for the enduring friendship and partnership between the Maldives and India, emphasizing the strong bonds that transcend politics.
At 12:26 pm, Easy Trip Planners traded 13.9 percent higher from the previous close at Rs 50.40. Over the past five sessions, the stock has rallied by 23 percent, outperforming the benchmark Nifty 50. In the last six months, the counter has seen a 15 percent rise compared to the 11 percent increase in Nifty.
Aside from the diplomatic developments, EaseMyTrip has expanded its portfolio by launching a subsidiary, EaseMyTrip Insurance Broker Private Limited. This strategic move aims to diversify services and tap into the insurance market, leveraging EaseMyTrip’s extensive user base of 20 million.
As the situation in the Maldives takes a positive turn for EaseMyTrip, the company’s stock performance reflects investor confidence and the resilience of the travel industry in navigating geopolitical challenges. The foray into insurance brokerage further underscores the company’s commitment to innovation and business expansion in a dynamic market landscape.