EaseMyTrip Shares Stage Comeback With 7% Jump After Troublesome Last Week

EaseMyTrip had a tough last week at the bourses as the shares of the tech travel company fell over 10% to close at ₹49.10 on Friday. The shares on Monday jumped over 7% to reach an intraday high of ₹53.35.

What Happened: The company had an eventful last week as it made several announcements. It informed that the company's board of directors approved the 55% acquisition of Glegoo Innovations Private Limited which runs the hotel booking marketplace Cheqin for ₹3 crore.

Commenting on the acquisition, EaseMyTrip CEO Nishant Pitti said that the company "sternly believes that cheQin provides unparalleled options in all segments and has the potential to scale and strengthen cross-selling."

Earlier last week, the online travel firm announced its foray into retail offline stores through the franchise model. EaseMyTrip Franchise will offer flight booking, group fares, hotels, holidays, IRCTC (rail booking), cabs, buses, cruises, charters and visas.

The company had also announced it will be the official travel partner for Sharjah Warriors, a cricket team participating in the T20 league in the UAE, organised by the Emirates Cricket Board.

The company's board will now meet on Feb. 6 to consider and approve the company's Q3 financial results for this fiscal year. 

Price Action: EaseMyTrip was trading 7.25% higher at ₹52.65 in the afternoon hours of trading on Monday.

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