EaseMyTrip share price gains after travel company clarifies on ED raids in Gurugram’s office

EaseMyTrip share price traded marginally higher on Thursday, a day after the stock witnessed a sharp fall. Gains in EaseMyTrip shares came after the travel platform issued a clarification on the searches conducted at its premises by the Enforcement Directorate. The stock rose as much as 1.06% to ₹12.32 apiece on the NSE.

EaseMyTrip share price had plunged 8.55% on Wednesday amid reports of ED raids at the premises.

EaseMyTrip, in a filing on Thursday afternoon, confirmed that the Directorate of Enforcement has conducted a search operation at one of the company’s premises. Earlier in the day, it issued a statement on the ED searches at its premises in connection with the ongoing investigation into the Mahadev Betting App, denying any association with it.

“As per information available in the public domain, the ED conducted searches at over 50 locations of various persons/ corporates. Amongst them one was EaseMyTrip premises. While EaseMyTrip has no direct or indirect association with the Mahadev Betting App or any other betting platform, we remain fully committed to cooperating with the authorities throughout the course of the investigation,” Easy Trip Planners Ltd said in a regulatory filing.

According to an ANI report, officials involved in the investigation stated that no incriminating evidence has been found so far during the searches conducted at the premises of EaseMyTrip on Wednesday.

ED Investigation

The ED is currently investigating a case linked to “Mahadev Online Book,” which the agency describes as an umbrella syndicate facilitating illegal betting operations. The syndicate allegedly provides online platforms that enable the enrolment of new users, creation of user IDs, and money laundering through a complex network of benami bank accounts.

The ED initiated its probe based on First Information Reports (FIRs) registered by the Chhattisgarh Police. Preliminary findings by the agency indicate that the operations of Mahadev Online Book are being managed from Dubai and function through a franchising model, wherein 'panels and branches' are allotted to known associates on a 70:30 profit-sharing basis.

At 2.44 PM, EaseMyTrip shares were trading 0.80% higher at ₹12.20 apiece on the NSE.

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