Several months after Nishant Pitti left his role as CEO, his brother and co-founder Prashant Pitti has stepped down as MD of the travel tech company Easemytrip.

Prashant Pitti stated in his resignation letter that he wants to dedicate more time to helping young startups, exploring new business interests, and engaging in work related to urban traffic and other public initiatives.

“I wish to reassure all stakeholders that I will continue to be a promoter and a committed long-term shareholder of EaseMyTrip.  In the resignation letter, he stated, “As previously communicated, no promoter will sell company stock.”

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Several months after Nishant Pitti left his role as CEO, his brother and co-founder Prashant Pitti has stepped down as MD of the travel tech company Easemytrip.

Prashant Pitti stated in his resignation letter that he wants to dedicate more time to helping young startups, exploring new business interests, and engaging in work related to urban traffic and other public initiatives.

“I wish to reassure all stakeholders that I will continue to be a promoter and a committed long-term shareholder of EaseMyTrip.  In the resignation letter, he stated, “As previously communicated, no promoter will sell company stock.”

The company stated in an exchange filing that its board had sanctioned Nishant’s appointment as chairman and managing director, effective August 29.  His appointment would require the shareholders’ approval.

Furthermore, EaseMyTrip announced that its promoters, Nishant Pitti and Rikant Pittie, have made a voluntary decision to temporarily forgo their salaries.  Nonetheless, it did not specify the duration for this.

These developments follow the release of EaseMyTrip’s unsatisfactory financial results, which showed a 25.5% decline in revenue—from Rs 153 crore in Q1 FY25 to Rs 114 crore in Q1 FY26.  In Q1 FY26, the company’s profit after tax (PAT) dropped to Rs 44 lakh, a decrease of 98.7% compared to Rs 34 crore in Q1 FY25.

EaseMyTrip recently sanctioned three acquisitions with the goal of broadening its portfolio both in India and internationally.  The company will obtain a 50% interest in Three Falcons Notting Hill Limited, which owns The Knight of Notting Hill property in London, and a 100% interest in AB Finance Private Limited to acquire ownership of a commercial property on Golf Course Road in Gurugram.  It has also granted in-principle approval for a strategic investment in VBIL.

As of 2:36 PM, the shares of EaseMyTrip are trading at Rs 8.35, reflecting a sharp decline of 96% from their listing price of Rs 212.  The market capitalization of the company is Rs 3,036 crore (approximately $344 million).  The stock reached a record low of Rs 8.29 on August 26.