India, Sept. 1 -- "In the short run, the market is a voting machine, but in the long run, it is a weighing machine."

The observation by American economist Benjamin Graham is more than pertinent for travel tech company EaseMyTrip.

Once a stock market darling with a market cap hovering at around $1.5 Bn (over 12,000 Cr), today many are comparing EMT to a penny stock - a low-value listed company without much upside and too much risk.

The EaseMyTrip stock has slumped dramatically in the past nine months, shedding close to 50% of its value with the market cap down to a shade above $300 Mn (INR 3,040.41 Cr).

But this decline didn't come out of the blue and symptoms have been apparent for a while. The market had been reacting to months of sl...