Shares of travel tech company TBO Tek nosedived over 6% to INR 1,273 during the intraday trading session on the BSE today (February 28).

With a drop in its share price, the company’s market capitalisation stood at INR 13,870 Cr at 12:38 PM with more than 1.27 Lakh shares traded hands by then.

The stock slightly recovered at the time of writing and was trading 5.8% lower at INR 1277.35 apiece on the BSE.

Earlier this month, brokerage PhillipCapital reaffirmed its , citing strong business growth in the December quarter. The brokerage gave the stock a target price of INR 2,090.

At the current market price, the stock lost over 9% in the last one year and around 18% in the past month.

TBO Tek reported a nearly in Q3 FY25 from INR 50.79 Cr in the year-ago quarter.

Sequentially, net profit declined from INR 60.08 Cr.

However, the company’s operating revenue zoomed over 29% to INR 422.18 Cr during the quarter under review from INR 326.85 Cr in Q3 FY24 on the back of strong growth in the hotels and ancillaries segment, both in India and the international markets.

Founded in 2006 by Ankush Nijhawan and Gaurav Bhatnagar, TBO Tek offers a wide range of travel services to travel agents and tour operators, such as hotel reservations, flight bookings, holiday packages, insurance cover, car rentals, among others.

The company has been expanding its overseas operations for quite some time. In December last year, it set up a new as part of its plans to strengthen its footprint in the region.

Prior to that, TBO Tek incorporated a step-down subsidiary, The subsidiary was set up to offer business support services, including marketing and promotional activities, to TBO Tek in Australia.

The company went public in May last year with its on the BSE, registering a premium of 55% to its issue price.

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