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Business News/ Markets / Stock Markets/  Easy Trip Planners slips below its issue price as covid cases surge
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Easy Trip Planners slips below its issue price as covid cases surge

India reported more than 40,000 fresh cases for the fourth consecutive day on Tuesday. Over the past week, India has seen the sharpest surge infections in the last 10 months. Death toll rose to 1,60,166, with 199 fatalities reported

Hotels and resorts in tourist places in Maharashtra have seen up to 30% rise in cancellations and new bookings as the state reports the sharpest increase in new cases. (File Photo: AP)Premium
Hotels and resorts in tourist places in Maharashtra have seen up to 30% rise in cancellations and new bookings as the state reports the sharpest increase in new cases. (File Photo: AP)

MUMBAI: Shares of Easy Trip Planners slumped below their issue price of Rs187 apiece, after the stock slumped over 8% on Tuesday amid concerns over rising covid cases.

So far today, shares have touched a low of Rs181.45 on the BSE, down 8.2% from previous close. At 0250pm, the scrip traded at Rs187.15, down 5.3%.

Also Read | Six wrong calls on post-covid economy

Shares are now down over 22% from their high of Rs233.15.

The company's Rs510 crore issue was subscribed more than 160 times. The retail investors' portion was subscribed 70.78 times, while the non-institutional investors portion was subscribed 384.26 times. The institutional investors portion witnessed a subscription of 77.95 times.

Analysts say rising covid cases could disrupt operations and earnings.

India reported more than 40,000 fresh cases for the fourth consecutive day on Tuesday. Over the past week, India has seen the sharpest surge in Covid-19 cases in the last 10 months. Death toll increased to 1,60,166, with 199 fatalities reported.

According to a Business Standard report, hotels and resorts in tourist places in Maharashtra have seen up to 30% rise in cancellations and new bookings as the state reports the sharpest increase in new cases.

The company, in its draft red herring prospectus, had said that due to the pandemic, its businesses, results, financial positions and cash flows were materially and adversely affected. Domestic and international travel restrictions imposed in India also hit the company’s revenue.

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Published: 23 Mar 2021, 03:00 PM IST
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