Delhivery Ltd saw its shares fall nearly 4% on Friday amid heavy trading, following speculation that major shareholder SoftBank (TYO:) may sell part of its stake. The logistics company’s stock briefly touched ₹398.50, marking a decline of 3.63 per cent during the session, before regaining ground.
Market buzz has focused on rumors that SoftBank was considering selling around $150 million worth of Delhivery shares in a block deal, with Kotak Mahindra Capital orchestrating the transaction. This news led to a significant increase in trading volume, which soared to ₹808.32 crore as 1.8 crore shares, representing 2.51% of the company’s equity at ₹747 crore (INR 100 crore = approximately $12 million), were traded at ₹403 each.
Despite the day’s share price volatility, Delhivery has shown operational improvements in recent times. During its third quarter, the company managed to regain lost market share and recorded better returns in its less-than-truckload (PTL) business. These developments suggest that Delhivery’s management strategies are effectively targeting profitability and growth.
Emkay Global took a positive stance on Delhivery’s prospects, recommending a Buy with a price target of ₹490. Their outlook is based on expectations of a sharp rise in demand during the third quarter and the company’s potential move to positive EBITDA in the second half, supported by strong cash reserves.
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