Shares of Delhivery hit an all-time low of 317 Indian rupees ($3.88) Wednesday, cutting its market cap to $2.8 billion, falling below the valuation at which it raised capital from private investors in 2021, as the Indian logistics firm grapples with the aftermath of a bulk deal sale and muted growth report.

Shares of the Gurgaon-headquartered firm, which went public in May this year, went as low as 317 Indian rupees, considerably below its issue price of 487 and all-time high of 708.45. The share movement follows CA Swift Investments offloading its position in Delhivery for $74.2 million this week. A large sell off puts downward pressure on shares.

Founded in 2011, Delhivery is one of India’s largest fully-integrated logistics companies, serving customers in over 18,000 zip codes. It counts SoftBank Vision Fund, Tiger Global, Carlyle Group, Steadview Capital, Singapore’s GIC and the UK’s Baillie Gifford among its backers.

The company assured investors that it has made “sufficient capacity investments in FY22 and early FY23 to sustain our current rate of growth and expect new mega-gateway and sorter decisions only by early FY24.”

India’s Sensex — the local stock benchmark — remains up 4.16% this year, considerably outperforming S&P 500 index (down 16.5%) and China’s CSI 300 (down 23.27%).

Delhivery hits all-time low, market cap falls below 2021 private valuation by Manish Singh originally published on TechCrunch