Delhivery shares were in focus on Monday after Softbank, the Japanese conglomerate via its entity SVF Doorbell (Cayman), sold shares worth ₹738.64 crore in the logistics company through open market transactions.

What Happened? This sale involved offloading approximately 1.83 crore equity shares, equating to 2.49% of Delhivery’s paid-up equity. As a result, SVF’s total shareholding in Delhivery has now dropped to around 12%.

The transaction saw the shares sold at an average price of ₹403.51 per share, totalling ₹738.64 crore. This sale coincides with a significant drop in Delhivery’s stock value, which fell 3.46% to ₹399.55 on the NSE, marking its first close below the ₹400-mark since August 3.

See also: Ashneer Grover Says To Ousted OpenAI CEO Sam Altman: ‘It’s A Long Fight’

As of September 2023, SVF Doorbell (Cayman) owned a 14.46% equity stake in Delhivery. This isn’t Softbank’s first reduction in its stake in Delhivery; in March of the same year, the company sold about 2.8 crore equity shares in the third-party logistics service provider for ₹954 crore, priced at ₹340 per share. Back in December 2022, the Japanese fund’s stake in Delhivery exceeded 18.42%.

Price Action: Delhivery shares were trading at ₹0.075 lower at ₹399.45 on early Monday, shortly after market open.

Read next: Ready For The Market: Ola Electric Now A Public Limited Company Ahead Of IPO