Tiger Global sells 1.7% stake in Delhivery for Rs 414 crore

23 Feb 2023 , 10:33 AM

Tiger Global Management, an American investment management firm, sold a 1.7% stake in Delhivery Ltd on the open market on Wednesday for Rs414 crore.

According to bulk deals data, venture capital firm Internet Fund III Pte, through which Tiger Global holds a stake in the logistics services provider, sold 1,23,63,060 shares at Rs335.06 each.

The selling price was nearly 4% lower than the stock’s closing price on Tuesday. On the National Stock Exchange on Wednesday, the stock closed nearly 4% lower at Rs336.30. 

Tiger Global, through its venture capital firm, owned 4.68% of Delhivery as of the end of December.

Since its initial public offering in May 2022, the stock has fallen by more than 37% due to a sell-off in new-age technology and high-value companies around the world.

Delhivery reported a net loss of Rs196 crore for the December quarter, compared to a loss of Rs126.5 crore the previous year. For the fifth consecutive quarter, the company lost money.

At around 10.21 AM, Delhivery was trading 2.07% higher at Rs342.85, against the previous close of Rs335.90 on NSE. The counter opened at Rs336.35.

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