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Friday, January 27, 2023

Delhivery shares hit a new low. Is it possible more inconvenient?

Delhivery shares have been trending lower after showing a bullish move after listing on Indian stocks. Delhivery’s public issue was offered at a price band of $462 to $487 per equity share in May 2022 and Delhiry shares made a flat debut in the secondary markets, but the stock made a strong upward move after listing and hit an all-time high of $708 in July 2022 NSE. After rising to an all-time high, Delhiry share price has been continuously plummeting and in early trading on Thursday, Delhiry share price today hit a new low of $299.55 each at NSE.

Delhi stock price opened today at $307.55, the price where he had closed the offers on Wednesday. However, shares sold immediately after the stock market opening bell and hit a new low of $299.55 each, its new all-time low, about 40 percent lower than its upper price band and about 55 percent lower than its all-time high of $708 each.

According to stock market experts, the logistics company is expected to experience low growth on the operating front and may lead to a further decline in the bonus. They said the stock may go even higher at $215 in bearish case while at the current support of $250 levels each.

Speaking on the Delhivery share price outlook, Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said: “Delhivery shares are in a serious downtrend, where they are resuming their journey south with a breakdown of the formation of a descending triangle.The pattern suggests more downside towards $250 to $225 levels. For now, investors should avoid this action. We need closure above the $Level 340 for any trend change.”

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Global brokerage firms Macquarie believe that due to low growth conditions and difficult liquidity conditions for e-commerce platforms, the heavily reduced Delhi price may rise to $215 in bear case.

“Over the next few quarters, we see a low-growth operating environment due to tighter financing conditions for e-commerce platforms,” ​​Macquarie said in an investor note. The investor note went on to add that if the low-growth operating period becomes the new normal, Delhiry’s share price may reach $215 in such a bear case.

However, the global brokerage firm believes stocks can benefit from increasing e-commerce penetration in Tier 2 and Tier 3 cities and gave a price target of $440 over the next three years.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint. We advise investors to consult certified experts before taking any investment decisions


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