Delhivery share price crashed over 3% on Monday to hit an intraday low of ₹348.10 after the company posted its earnings for the March quarter.

What Happened: The logistics player’s revenue from operation stood at ₹1,859.6 crore, down 10.24% from the year-ago period. The company’s Express Parcel volumes stood at 180 million shipments bringing in revenue of ₹1,177 crore.

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The company saw its losses widen in the review quarter to ₹158.7 crore. The company had reported a loss of ₹119.9 crore in the March quarter of 2022. The company late last week also announced acquiring a 10.94% stake in Vinculum, an omnichannel software-as-a-service provider for around ₹25 crore.

Analysts had a mixed reaction to the company’s numbers. Morgan Stanely maintained its ‘overweight’ rating for the stock with a price target of ₹370. BofA Securities, on the other hand, maintained the ‘neutral’ rating for the stock with a price target of ₹380.

Price Action: Delhivery shares were down 0.86% to trade at ₹358.25 in the early hours of trading on Monday.

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