Delhivery shares tank up to 7.5% as investors dump stock after Q1 loss

Delhivery shares tank up to 7.5% as investors dump stock after Q1 loss

Delhivery shares tanked 7.5 per cent today, after brokerages downgraded the logistics stock as the company's net loss more than tripled to Rs 399 crore in Q1. The stock hit the day's low at Rs 555.20.

Delhivery shares were sold at Rs 487 in its IPO in May, 2022. They are still up around 16 per cent from its IPO price.

The logistics services providing company reported a net loss of Rs 399 crore for the quarter ended June 30, 2022 as compared to Rs 129 crore in the first quarter last year.

Credit Suisse has downgraded Delhivery to neutral post June quarter results with a target price of Rs 675. ICICI Securities has also downgraded the stock to sell from hold rating with a target price of Rs 484.

Out of the 10 analysts covering the stock, the consensus recommendation is a hold rating with an average target price of Rs 616, hinting at an upside potential of around 7 per cent.