Shares of Delhivery Ltd. fell to a record low as the company’s stock has tumbled as much as 24% in two days on a muted growth outlook.
Market sentiment remained “broadly unchanged” from a quarter ago, the Gurugram-based logistics firm said in its second-quarter business update. Consumer discretionary spending remained muted due to continuing high levels of inflation and volumes of supply-chain services and truckload businesses fell sequentially.
It also guided for a “moderate growth in shipment volumes through the rest of the financial year”.
Delhivery’s shares plunged as much as 17.07% on Thursday, the most on record. On Friday, the stock continued its decline and fell as much as 10.5% to Rs 421.4, a record low, in morning trades.
The company’s scrip is now below its IPO price of Rs 487, joining peer new-age companies such as Zomato Ltd. and Paytm (One97 Communications Ltd.) that are also trading below issue price since their debut on the bourses.