Indian Online Travel Stocks Plunge 12% on Nasdaq as Net Profit Drops 73%

NASDAQ-listed Indian online travel platform MakeMyTrip (MMYT) tumbled more than 12% intraday, sliding to $65.54 (approximately KRW 97,000). In a single day, the company’s market capitalization shrank by roughly $635 million (about KRW 940 billion), leaving its valuation at around $5.87 billion (KRW 8.7 trillion); 3.98 million shares changed hands.

In the quarter ended December 2025, MakeMyTrip reported revenue of $295.7 million (about KRW 440 billion), up roughly 15% year-on-year but below market expectations. Net income plunged 73%, from $27.1 million a year earlier to $7.3 million. Analysts attributed the net-income decline to higher financing costs after a $3.1 billion equity and convertible-bond issuance and to one-time expenses tied to those convertibles. Local reports noted that MMYT’s stock fell about 8% on NASDAQ immediately following the earnings release.

MakeMyTrip is India’s largest online travel marketplace—offering flight tickets, hotels, holiday packages and bus bookings—and has long been viewed as a key play on India’s growing travel and tourism demand. While both revenue and gross booking value have steadily increased on strong domestic and international travel trends, this earnings shock has underscored that large-scale capital raises and expanded leverage via convertible bonds could heighten future earnings volatility.