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Shares in Delhi have fallen more than 32 percent since Thursday, their lowest since May, after the Indian logistics firm posted quarterly business growth this week.
Deliveroo said this week that its supply chain services and truckload business volume declined in the quarter ending September. Shares of Delhivery fell on the news, falling from 562 Indian rupees ($6.8) to 382 Indian rupees ($4.62) before a brief recovery. In Delhi, the stock was priced at INR 487, while the stock traded at INR 708.45 in July.
Tumble puts Delivery’s market value at just under $3.4 billion, slightly more than the $3.2 billion it estimated in a pre-IPO financing round and less than $4.2 billion in a second round of trading among its investors a year ago.
The lock-up period for pre-IPO shareholders will be lifted on November 10, which could see a further massive sell-off. The company counts SoftBank, Tiger Global, Times Internet, The Carlyle Group, Steadview Capital and Addition among its backers.
Image Credits: Yahoo Finance
Delhiveri assured investors that it was on the road to recovery. He said that he has made enough capacity investments in FY22 and early FY23 to maintain the current rate of growth and to wait for new mega-gateway and separation decisions until the beginning of FY24.
“We expect improvement in volumes, revenue and service margins due to ease of rains across the country due to inflation and service disruptions,” he said in a quarterly report published on local stock exchanges.
Friday caps a rough week for Indian startups that have gone public in the past year and a half. Nikaa, a fashion e-commerce marketplace, has been the best performer among tech startups so far, with slightly more value. Shares of online insurance policy bazaar, which will lift its lock-in period for pre-IPO investors next month, lost more than 60% of its stock value.
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