Delhivery Shares Hit Record Low, Extend Two-Day Decline To Over 30%
Delhivery is now trading below its IPO price, joining Zomato and Paytm in the slump that's afflicted new-age tech firms in India.
Shares of Delhivery Ltd. fell to a record low as the company's stock has tumbled over 30% in two days on a muted growth outlook.
Market sentiment remained "broadly unchanged" from a quarter ago, the Gurugram-based logistics firm said in its second-quarter business update. Consumer discretionary spending remained muted due to continuing high levels of inflation and volumes of supply-chain services and truckload businesses fell sequentially.
It also guided for a "moderate growth in shipment volumes through the rest of the financial year".
Delhivery's shares plunged as much as 17.07% on Thursday, the most on record. On Friday, the stock continued its decline and fell as much as 20% to Rs 376.95, a record low.
The company's scrip is now below its IPO price of Rs 487, joining peer new-age companies such as Zomato Ltd. and Paytm (One97 Communications Ltd.) that are also trading below issue price since their debut on the bourses.