MakeMyTrip Shares Drop 9%

(RTTNews) - MakeMyTrip Limited (MMYT) is trading at $92.13, down 8.68 percent, or $8.75, on Tuesday possibly after the company announced yesterday a proposed primary equity offering of 14 million ordinary shares and a $1.25 billion convertible senior notes offering due 2030.

The stock opened at $90.50 and has ranged between $87.71 and $93.70 so far today on the Nasdaq. Trading volume has surged to 4.06 million shares compared to the average volume of 710,236. The stock's 52-week range is $76.95 to $123.00.

The offerings, subject to market conditions, aim to raise capital through underwritten and private placements, with final pricing and terms yet to be determined.