Delhivery falls ~3% as Softbank plans to pare ~2.5% stake

17 Nov 2023 , 10:21 AM

On November 17, shares of Delhivery plummeted nearly 3% on news that Japanese investor SoftBank is planning to reduce its investment in the logistics service. 

At around 10.08 AM, Delhivery was trading 2.53% lower at Rs 403.40, against the previous close of Rs 413.85 on NSE. The counter touched an intraday low of Rs 398.50.

On November 16, sources said SoftBank was seeking to sell a $150 million share, or around 4% of its holding, in a block sale. SVF Doorbell (Caymen), which is owned by Softbank, owns approximately 14.46% of the company as of September 2023.

Delhivery reduced losses to Rs 103 crore in the September quarter, down from Rs 254 crore the previous year. Revenue increased by 8% to Rs 1,941.70 crore.

Delhivery, which was founded in 2011 and plans to go public in 2022, is an integrated logistics player that provides services such as quick parcel delivery, storage, and data analytics.

If the share sale is successful, it will be the latest in a string of asset sales by the Tokyo-based investment firm.

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