Delhivery stock tanks another 18%; hits lifetime low
On Friday, the stock continued its decline and fell as much as 18.87% to Rs 382.25, a record low, since it was listed on the bourses earlier this year.
Delhivery shares have fallen by another 18% on the BSE following a weak growth outlook from the logistics firm. On Friday morning, the stock continued its decline and fell as much as 18.87% to Rs 382.25, a record low, since it was listed on the bourses earlier this year.
Delhivery touched its lifetime low price of Rs 377.05 at 2.22 pm on Friday. Its lowest price until now is Rs 377.05 on BSE and Rs 376.95 on NSE. At the life-low, Delhivery's share price has corrected by over 46.8% compared to its lifetime high of Rs 708.45 apiece on July 21 on the BSE. The decline is similar on NSE, given the lifetime high and low prices of Rs 708 and Rs 376.95 respectively. Delhivery's IPO issue price was Rs 487 per share.
On Thursday, the company's shares plunged 17.07%.
In its Q2 FY23 update, the company shared it anticipates moderate growth in shipment volumes through the rest of the financial year.
“While the festive season sale surge in shipment volumes will spill over to the third quarter as well, we anticipate moderate growth in shipment volumes through the rest of the financial year," the logistics solution provider stated.
Going forward, it plans to be watchful of the market sentiment.
"We have made sufficient capacity investments in FY22 and early FY23 to sustain our current rate of growth and expect new mega-gateway and sorter decisions only by early FY24,” the company stated.
As inflationary pressures and service disruptions due to monsoon ease across the country, the company expects an improvement in volumes, revenue, and service margins going ahead.
(The copy has been updated to reflect the change in the company's stock price.)
Edited by Affirunisa Kankudti