Delhivery shares slumped over 3% in the early hours of trading on Wednesday snapping the logistics company’s five-session gaining streak.
What Happened: A block deal worth around ₹410 crore early on Wednesday halted the stock’s recovery post Q3 sell-off. Around 1.7% or 1.2 crore equity shares of the company changed hands on Wednesday. The average price for the deal was around ₹338, much lower than the stock’s last closing price of ₹348.95.
The company had seen recovery after its shares fell on underwhelming Q3 numbers. However, brokerages have remained positive on the stock. ICICI Securities in the results update note for the stock maintained the ‘buy’ rating with a target price of ₹425.
The slump comes as several of its peers in the new-age digital stocks category are seeing losses after recovering for a brief period. At the time of writing Nykaa shares were down 2.21% to trade at ₹143.95, Zomato slumped 3.25% to ₹53.55, and Paytm shares were down 1.52% at ₹613.70.
Price Action: Shares of Delhivery were down 1.79% at ₹342.70 in the early hours of trading on Wednesday.
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