Delhivery facing 'hard' selling

Delhivery is a newsmaker on the bourses today; with 2.81 crore changing hands today compared to 2-week average of little over 1 lakh shares, the stock price first rose 2% to Rs.350 and then soon fell 2% to Rs.337.55 and is now trading in the red.

The stock is in news as Soft Bank which owns around 18% stake in the company sold 3.4% stake worth Rs.600 crore through block deals.

Citi is the sole bookrunner, giving a 3% discount; it was sold at Rs.355.10/share as against yesterday’s close of Rs.344.15.

This comes just a few days after Tiger Global Management sold 1.7% stake in the company; it held 4.68% stake at end of Q3FY23.