Tiger Global, through its affiliate Internet Fund III pte, sold 1,17,53,735 shares on the BSE at Rs 330 a piece, bulk deals data showed. Today, shares of Delhivery ended nearly 1% higher at Rs 331.05.
The sale took place at a premium to Monday’s closing price of Rs 327.95.
However, there were no details of the buyer of the shares on the exchanges.
Shares of the company have given flat returns so far in 2023 compared to Nifty 50, which has given 2% negative returns.
As of December-end, Tiger Global held 4.68% stake in the logistics services provider. Tiger Global had sold 0.75% stake in the company in March, and 1.7% stake in February.
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Post the above mentioned 3 transactions, Tiger Global’s holding has come down to a marginal 0.68%. This to an extent removes the overhang of any further selling by the foreign firm in the company.Delhivery is among the largest logistics players in India with full-stack solutions across the value chain. It is fully owned by public shareholders, wherein top mutual funds own 11.12% and the stake held under foreign direct investment is about 59.93%.
For the December quarter, Delhivery reported an 8% drop in revenue, and a net loss of Rs 196 crore compared to a loss of Rs 126.5 crore a year ago. The company posted a loss for the fifth straight quarter.
Meanwhile, for the March quarter, the company’s revenue is expected to grow by about 6% quarter-on-quarter, according to ICICI Securities, despite flat shipment volumes.
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