Delhivery shares drop over 10% from day's high on heavy volumes

As many as 9.21 lakh shares changed hands on the BSE compared to an average of 4.25 lakh shares traded daily in the past two weeks on the BSE.

On the National Stock Exchange, trading volume in Delhivery shares spiked by 2.3 times to 1.65 crore shares as against an average volume of 70.82 lakh shares.

In yesterday's session, Delhivery shares rose as much as 5.09% to hit an intraday high of ₹271 on the BSE after the company over the weekend announced that it signed an agreement to acquire a controlling stake in Ecom Express Limited for a cash consideration of ₹1,400 crore from its shareholders.

Delhivery's board approved the "acquisition of shares equivalent to at least 99.4% of the issued and paid up share capital, on a fully diluted basis.

The deal is likely to be completed within the next six months.

The Gurgaon-headquartered firm said that the acquisition will enhance its scale, which will allow the company to invest more effectively in improving service by network expansion.

The transaction completion is subject to approval from the competition watchdog Competition Commission of India (CCI), and customary closing conditions.

In quarter ended December 2024, Delhivery's net profit declined to ₹3.80 crore from ₹5.3 crore in the same period last year. Its revenue rose 10% to ₹220 crore as against ₹200 crore in the year-ago period.

As of 1:04 pm, Delhivery shares traded 6.50% lower at ₹250.90, underperforming the SENSEX which was 2.26%.