Delhivery Shares Slide 4% To Touch Fresh All-Time Low

Shares of logistics giant Delhivery slumped as much as 4.4% to hit an all-time low of INR 244.40 during the intraday trading session on the BSE today (February 28) 

Two days back, the company said in a filing that it had received an order from the West Bengal Goods and Services Tax (GST) department, asking it to pay INR 5.35 Cr tax amount.

However, the stock shed some loss to trade 3.63% below at 246.60 at 12:30 AM. At this point, Delhivery’s market capitalisation stood at INR 18,342.07 Cr with as many as 3.2 Lakh shares trading hands by then. 

The stock is extending its 5-day losing streak and has slumped 9.20% in the last 5 trading sessions at its current market price. 

Taking a broader timeframe of the last month and one year it has dipped 23.5% and 48% at the current market price. 

Although the company reported strong financial results in the third quarter of the current fiscal year (Q3 FY25).

Delhivery’s consolidated net profit zoomed 114% to INR 24.98 Cr in Q3 FY25 from INR 11.70 Cr in the year-ago quarter on the back of strong growth in its revenue. Sequentially, net profit surged 145% from INR 10.20 Cr. 

Brokerages have cut their price targets (PT) on the stock taking a bearish stance, as per NDTV Profit. 

Goldman Sachs maintained a ‘neutral’ rating on Delhivery, but lowered its target price to INR 370 from INR 400. Meanwhile, Morgan Stanley downgraded to ‘equal-weight’ from ‘overweight’ and reduced PT to INR 320 from INR 450, as per report.