Delhivery Shares Plummet Over 2% At Rs 402.35/Share, Here's Why

Delhivery shares plummeted 2.90% at Rs 402.35 per share at 1:27 pm IST on Friday. Around 1.8 crore shares or 2.51% of equity in Logistics Giant Delhivery swapped hands on Friday with the deal valued at Rs 747 crore at Rs 403 a piece. The stock fell to near the level of the deal price.

The slump in the stock's share price was seen after reports surfaced that Japanese lender SoftBank is looking to sell a portion of its stake in the logistics service provider, Delhivery to raise approximately $150 million. The proposed sale involves around 4% of Delhivery's stake via a block deal, with Kotak Mahindra Capital acting as the advisor for the transaction. SoftBank had earlier sold shares of Zomato worth over Rs 1,000 crore in October.

As of September 2023, Softbank owned SVF Doorbell (Caymen) and owned around 14.46% stake in Delhivery.
Gurugram-based logistics and supply chain company, Delhivery shares got listed on Indian bourses in 2022. In 2019, Softbank invested nearly $390 million in Delhivery in two tranches. In March this year, Softbank sold around 3.8% of its stake in Delhivery for Rs 954 crore.

Recently, Softbank also divested its stake in food aggregator Zomato and Policybazaar parent firm PB Fintech.