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Business News/ Markets / Stock Markets/  EaseMyTrip share price rises 6% despite the suspension of all Maldives flight reservations amid the India-Maldives spat
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EaseMyTrip share price rises 6% despite the suspension of all Maldives flight reservations amid the India-Maldives spat

Stock in focus: EaseMyTrip share price opened at an intraday low of ₹41.65 on BSE after the company suspended all Maldives flight bookings in response to disparaging remarks made by Maldivian ministers about India and Prime Minister Narendra Modi.

Indian travellers have begun postponing their planned trips to the Maldives amid a growing spat between India and the Maldives, with the hashtag #BoycottMaldives going viral on social media.Premium
Indian travellers have begun postponing their planned trips to the Maldives amid a growing spat between India and the Maldives, with the hashtag #BoycottMaldives going viral on social media.

Stock in focus: EaseMyTrip share price nearly surged 6% on Monday's session after Nishant Pitti, CEO of EaseMyTrip, suspended all Maldives flight bookings. EaseMyTrip share price opened at an intraday low of 41.65 on BSE. According to technical analysts, it seems like the EaseMyTrip stock has been on a positive trend, but has experienced a significant correction of around 50% from its peak. However, the stock has been forming a base for the past 21 weeks.

Kapil Shah, Technical Analyst, Emkay Global and Technical Trainer, Finlearn Academy, said that recently, it has been consolidating within a tight range of 44 to 38. Based on the broader chart structure, it could be a good opportunity to buy the stock and accumulate it within the range of 43 to 42.

“In fact, it could also be accumulated above the 44 level. But, if the stock falls below 40, the positive outlook could be negated. On the upside, there seems to be the potential for the stock to reach levels of 46 to 48," Kapil explained.

EaseMyTrip share price has been in focus as the company's co-founder and CEO, Nishant Pitti, declared that all Maldives flight reservations would be suspended in response to disparaging remarks made by Maldivian ministers about India and Prime Minister Narendra Modi. 

Nishant Pitti took to social media X to express his support for India, saying, “In solidarity with our nation, @EaseMyTrip has suspended all Maldives flight bookings."

Pitti praised Lakshadweep's beaches and waterways, drawing comparisons to the Maldives and Seychelles, and promised exclusive deals to draw attention to the area. EaseMyTrip, an online provider of travel solutions, started the #ChaloLakshadweep campaign to visit Lakshadweep.

The hashtag #BoycottMaldives went viral on social media as Indian travellers began to postpone their planned trips to the island nation amid a growing spat between India and the Maldives.

Also Read: India-Maldives Diplomatic Row: 3 ministers suspended, EaseMyTrip stops bookings, Lakshadweep in focus | Top 10 Updates

Maldivian politicians incited a controversy by criticising Prime Minister Narendra Modi and mocking his trip to Lakshadweep, recognising it as an Indian tourist destination.

On social media, numerous Indians have stated that they have cancelled their scheduled vacations to the island nation.

Rajiv Mehra, the president of the Indian Association of Tour Operators, as per news reports stated that there hasn't been any investigation into the Maldives recently. There's an abrupt drop. Payments made by individuals won't be refunded. He anticipates that few travel plans will be made to the Maldives.

Following the incident, more than 8,000 hotel reservations and 2,500 airline tickets have been cancelled by Indian tourists. India accounted for the greatest number of visitors to the Maldives (2,09,198), with Russia (2,09,146) and China (1,87,118) following closely behind.

Also Read: Maldives govt suspends 3 ministers after ‘derogatory’ remarks on PM Modi amid Lakshadweep visit: Report

After his recent visit to the Union Territory of Lakshadweep, Prime Minister Modi shared many of photos, including one of his thrilling experience while snorkelling.  PM Modi posted images of the snow-white beaches, crystal-clear blue skies, and the ocean on X, along with a note that said, “Lakshadweep has to be on your list for those who wish to embrace the adventurer in them."

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 08 Jan 2024, 09:01 AM IST
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