Shares of Delhivery hit an all-time low of 317 Indian rupees ($3.88) Wednesday, reducing its market cap to $2.8 billion, falling beneath the valuation at which it raised capital from personal traders in 2021, because the Indian logistics agency grapples with the aftermath of a bulk deal sale and muted progress report.

Shares of the Gurgaon-headquartered agency, which went public in Could this 12 months, went as little as 317 Indian rupees, significantly beneath its subject value of 487 and all-time excessive of 708.45. The share motion follows CA Swift Investments offloading its place in Delhivery for $74.2 million this week. A big unload places downward stress on shares.

On the present share value, Delhivery’s market cap has shrunk to $2.8 billion. It was valued at $3 billion in a spherical led by Constancy in Could 2021. The agency has raised over $2.3 billion throughout personal rounds and IPO (together with secondary sale).

Based in 2011, Delhivery is one among India’s largest fully-integrated logistics corporations, serving clients in over 18,000 zip codes. It counts SoftBank Imaginative and prescient Fund, Tiger World, Carlyle Group, Steadview Capital, Singapore’s GIC and the UK’s Baillie Gifford amongst its backers.

The startup reported muted quarterly enterprise progress final month, stating that its provide chain service and truckload enterprise quantity had shrunk.

The corporate assured traders that it has made “adequate capability investments in FY22 and early FY23 to maintain our present charge of progress and anticipate new mega-gateway and sorter choices solely by early FY24.”

Delhivery is amongst a handful of Indian tech startups that has listed previously one and a half years. All different startups are buying and selling effectively beneath their IPO costs as effectively. Indian fintech big Paytm, which hit an all-time low Tuesday, slid additional to as little as 452 Indian rupees Wednesday, reducing its market cap to $3.6 billion. On-line insurer Policybazaar fell to as little as 391 Indian rupees, down from the difficulty value of 980.

India’s Sensex — the native inventory benchmark — stays up 4.16% this 12 months, significantly outperforming S&P 500 index (down 16.5%) and China’s CSI 300 (down 23.27%).

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