The stock of Easy Trip Planners experienced a dramatic drop of nearly 11%, hitting a low of Rs 11.88 during intraday trading. This plunge followed reports indicating that the Enforcement Directorate (ED) is conducting searches at various locations tied to the company.
ED Raids Linked to Money Laundering Investigation
According to official sources, the ED’s investigation is linked to the founder, Nishant Pitti, who is associated with the Mahadev online betting app. This app is currently under scrutiny due to allegations of money laundering.
- Locations of Searches: The ED is targeting multiple sites across major cities including:
- Delhi
- Mumbai
- Chandigarh
- Ahmedabad
- Indore
- Jaipur
- Chennai
- Sambalpur in Odisha
Impact on Share Price and Market Reaction
The news of the raids has caused significant concern among investors, reflected in the sharp decline in Easy Trip Planners’ share price. This situation highlights the potential vulnerabilities companies face when involved in legal investigations.
As this story unfolds, more updates are expected to clarify the implications of the ED’s actions. Stay tuned for the latest developments on this situation.
