EaseMyTrip share price target: High Court ruling fails to lift EaseMyTrip shares; stock tanks 13% in 2 sessions
On BSE, the stock traded at Rs 576, down nearly 4 per cent. The stock has tumbled over 13 per cent in the last two sessions.
BSE on Monday put the stock under a watchlist “where multiple/recurring SMSs were observed and liable for action as per various notices issued by the Exchange.”
Following the BSE action, the company filed a writ petition with the Delhi High Court seeking a “comprehensive policy” to stem the circulation of false information on stocks on social media platforms that could cause share prices to tank and damage the reputation of a company.
The company said it came to know that a “malicious social media disinformation campaign” was run against it on September 18-19, with contradicting messages in a deliberate attempt to manipulate the stock price.
A message was spread as a “Fraud Alert”, that the stock was likely to start on a lower circuit from Monday, exhorting people to exit it, said the petition. There were also messages projecting the stock as a “Sure Shot Short Term Positional Call”, asking people to buy it at the current market price of ₹625 with a target of ₹750.
This, along with BSE action, apparently triggered a selling in EaseMyTrip shares.
In a clarification to BSE, the company said, “we categorically clarified that the company is completely unaware about the circulation of the unsolicited messages and reason/source of the said circulation, nor does the company has any role in unethical behaviour of circulation of such messages by unknown persons or entities. (sic) ”
BSE also added a clarification to its action on the stock after the High Court order that read, “Pursuant to the Order dated September 20, 2021 passed by Hon’ble High Court in WP (c) No. 10604/2021, it is clarified that the words “liable for action as per notices issued by the Exchange from time to time” as above does not contemplate that Easy Trip Planner is liable for any action. No notice in this regard have been issued against the Company nor has the Company, as on date, been liable for any action in this regard by the Exchange. (Sic)”