Carlyle Sells 2.5% Stake in Delhivery: Stock Surges 7%, Later Levels Out
Delhivery, a logistics firm, experienced a 7% surge in its shares due to Carlyle Group's subsidiary, CA Swift Investments initiated a block trade to sell its stake in Delhivery for $86 million. The floor price for the transaction has been set at ₹385.50. The stock later flattened amidst negative market sentiment. By 10:10 am, the stock had a modest 0.3% increase. Delhivery's stock has suffered a 25% decline over the past year and is down more than 20% from its IPO price of ₹487.
In 2023, the stock showed a 17% increase year-to-date, alternating monthly gains and losses. During the March quarter, Delhivery reported a widened net loss of ₹159 crore compared to ₹120 crore in the previous year. Revenue from operations also decreased by 10% to ₹1,860 crore in Q4FY23.
In a statement issued by the company, Delhivery reported a decline in revenue for its cross-border services business, despite observing healthy volumes. The decline was attributed to factors including a decrease in global yields for air and ocean freight and the impact of reduced volume during the Chinese New Year holidays.
In addition, this week witnessed two notable stake sales: Piramal Enterprises divested an 8.34% stake in Shriram Finance, and Abrdn Investment Management completely offloaded its 10.2% stake in HDFC Asset Management Company.
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