After offloading 1.7 percent stake in February and another 0.75 percent in March, Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, on Tuesday sold additional 1.18 crore shares of Delhivery for 388 crore through bulk deal on BSE.

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Shares were sold at an average price of Rs 330 on BSE. However, the buyers were not immediately known. As of December 2022, Internet Fund III Pte Ltd held 4.68 percent in the logistic services provider.

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The stock of Delhivery has more than halved from its peak seen in July last year, amid sell-off in the new-age technology companies globally due to sky-high valuations. Even though analyst have turned bullish on the company in recent months, PE investors continued to trim their exposure in the logistic provider. Earlier in March, Japanese technology giant Softbank had also divested 3.8 percent stake in Delhivery for Rs 954 crore through open market transactions.

Delhivery, which has been reporting losses for the last four years has managed to narrow down its losses in the last quarter. The company reported a net loss of Rs 196 crore for the three months ended December 2022 against Rs 254 crore posted in September 2022 and Rs 399 crore in Q1FY23. Of the 19 analysts who track the stock on Bloomberg, 68 percent have a "Buy" rating on the stock. While 21 percent of them recommend "Hold", only 11 percent suggest "sell".

Shares of Delhivery closed 0.82 percent higher at Rs 330.80 on the BSE whereas the benchmark Sensex rose 0.5 percent to end the session at 60,157.72 points.

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