Shares of Allcargo Logistics fell for the sixth day in a row on Wednesday after the company's international business volumes declined by 4 percent for Less than Container Load (LCL) operations in July compared to last year.

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In a monthly operational update to the stock exchanges, the company said that Allcargo International Supply Chain's LCL volume was down 4 percent to 7.8 lakh cubic meter in July this year as compared to 8.9 lakh cubic metre in the year-ago period.

However, it was up 5 percent month-on-month as compared to June 2023.

"In line with our efforts towards market share capture, July volumes have shown an uptick on a sequential basis," the company said in a filing to the stock exchanges.

The company said that its major regions saw a sequential improvement this month led by Asia Pacific, India, and Latin America.

The company said that from January 2023 onwards, the volume includes a 1.5 percent contribution from the new acquisition in Germany. According to the data shared by the logistics company, LCL volume has seen a steady rise since January 2023 till July on a monthly basis, except for the month of February.

The logistic firm said that it is witnessing enhanced competition for incremental volumes in the market driven by muted overall demand.

It plans to maintain focus on volumes and market share. However, a volume-focused strategy will keep yields under check in the near term.

The logistic solution provider said that container utilisation continues to remain soft, which reflects lower volumes on a year-on-year basis.

Shares of Allcargo Logistics are trading 2.4 percent lower at Rs 277.40.