The share prices of Delhivery Ltd. plummeted and were on track to their biggest one-day decline after the logistics company announced subdued quarterly business growth. The company, which made its debut on Indian bourses (a stock market) in May 2022, recorded a 15% decline in share prices after revealing that supply chain service and truckload businesses decreased in the three months leading up to September 30, 2022, in comparison to that in the previous quarter.
In an exchange report, Delhivery, which provides logistical services to e-commerce companies, stated that market sentiment remained consistent during the most recent quarter, despite price pressure denting consumer spending.
The second quarter of Delhivery's fiscal year showed "more subdued e-commerce volume patterns than anticipated." Citing industry patterns, the company reported that average user spending and the number of active shoppers remained unchanged or decreased during the current holiday season. According to the company, there was a significant increase in the total revenue and net profit of Delhivery Ltd. in 2022 over that in the last few years. The company said that it was tracking the market sentiment and that reduced growth was caused by anticipated seasonality in its customers' operations. Canada Pension Plan Investment Board and SoftBank Group Corp. are among the investors in the Gurgaon-based company.
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