New Delhi, April 16, 2025 – Shares of Easy Trip Planners Ltd (EaseMyTrip) took a sharp nosedive on Tuesday, tumbling nearly 11% to an intra-day low of ₹11.88 after news broke that the Enforcement Directorate (ED) was conducting raids at multiple locations associated with the company.

According to PTI reports, the ED is investigating the travel platform in connection with a money laundering probe linked to the Mahadev online betting app. The crackdown includes searches at the residence of co-founder Nishant Pitti, among other premises.

🕵️‍♂️ ED Raids Across India

The agency is reportedly conducting coordinated searches across several cities, including:

• Delhi

• Mumbai

• Chandigarh

• Ahmedabad

• Indore

• Jaipur

• Chennai

• Sambalpur (Odisha)

Officials stated the searches are part of an ongoing investigation into alleged illicit financial flows tied to online betting operations that have previously come under the ED’s scanner.

💼 Connection to Mahadev App Case

The Mahadev online betting app is at the heart of a multi-crore money laundering case, in which authorities suspect a vast network of illegal betting operations with international links. The ED has already taken action against several individuals and entities in the past year, and today’s searches indicate the widening scope of the probe.

Nishant Pitti’s role is reportedly under scrutiny for possible involvement or financial transactions related to the Mahadev network.

📉 Market Reaction

As the news broke, investor sentiment turned sharply negative:

• Easy Trip Planners’ share price fell over 10.8% in early trade.

• The stock hit a low of ₹11.88 before stabilizing slightly.

• Trading volume surged as panic selling set in.

Analysts noted that regulatory issues can spook investors, especially in high-profile probes like this one.

📰 What’s Next?

This is a developing story, and further details are expected as the ED completes its raids and issues official statements. The company has not yet released a formal response.