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Investors had high hopes for the most popular online travel sites emerging India and China, but it looks like travelers are turning to more established American brands like Expedia and Google.
There was plenty of buzz behind MakeMyTrip (MMYT) when India’s largest travel website operator went public two years ago.The stock soared 89% on its first day of trading, making it the hottest debut since 2007 at the time.
MakeMyTrip was hot. And now it’s not.
Shares of MakeMyTrip shed 17% of their value on Tuesday after posting another quarter of disappointing financial results. The stock has shed nearly two-thirds of its value over the past year…and the results get uglier as you work your way down the income statement.