Delhivery shares hit all-time low; market cap falls below 2021 valuation

Shares of logistics services provider Delhivery hit an all-time low, bringing down the company's market capitalisation to $2.8 billion.

The supply chain company was valued at $3 billion when it raised funds in a round led by Fidelity in May 2021.

On Wednesday, Delhivery stock tumbled 5% to ₹317 apiece on the BSE, two days after the six-month lock-in period for pre-IPO investors expired. The counter has crashed 15% in the last five trading sessions.

This downward slide comes after CA Swift Investments, a special-purpose vehicle owned by Carlyle Group, divested a 2.5% stake in the supply chain company for ₹607 crore through an open market transaction on Monday. CA Swift Investments, which owned a 5.07% stake in the company at the end of September, sold shares at an average price of ₹330.02 apiece.

Delhivery made its stock market debut on May 24 this year, with shares listing at ₹493 apiece on the BSE, a premium of ₹6 or 1.2% over its issue price of ₹487. The company raised ₹5,235-crore from its initial public offering (IPO). Ahead of its IPO, Delhivery raised ₹2,347 crore from 64 anchor investors by allocating a total of 4,81,87,860 equity shares.

Last month, the Gurugram-based logistics firm said it expects moderate growth in shipment volumes through the rest of the financial year. "Market sentiment in Q2 continued to remain broadly unchanged from Q1. Consumer discretionary spending remained muted due to continuing high levels of inflation, with average user spends and total active shoppers remaining flat or lower during the ongoing festive season," the company said in its second-quarter business update.

In the second quarter of the financial year 2022-23, Delhivery's loss narrowed to ₹254 crore as against ₹635 crore clocked in the year-ago period. Delhivery's revenue during Q2FY23 came in at ₹1,796 crore, up 22% compared with ₹1,497.7 crore reported in the corresponding quarter of the last fiscal. 

Shares of new-age companies have been on a losing streak. The stock of Paytm parent One97 Communications tumbled 5.11% to ₹452 on the BSE today, hitting its lowest level since listing. The selloff comes after the lock-in period for Paytm's pre-IPO shareholders ended last week.

Meanwhile, shares Nykaa fell for the third straight session on Wednesday after the company's chief financial officer Arvind Agarwal resigned. Nykaa shares opened lower at ₹169.95, against the previous closing price of ₹175.20 on the BSE. The stock declined as much as 3.3% to hit an intraday low of ₹169.3, bringing its market capitalisation down to ₹48,677 crore.