India's Delhivery slips on Kotak rating cut due to Flipkart competition

Delhivery

05/07/2023 08:09

** Shares of Delhivery Ltd  DELH.NS  fall as much as 1.8% to
386.4 rupees, biggest intraday drop since June 26
    ** Kotak Institutional Equities downgrades stock to "reduce"
from "buy", cuts TP by 5% to 390 rupees
    ** Says Flipkart's logistics arm Ekart launched its B2B
Express Air and Surface services entering DELH's turf, leading
to competitive intensity
    ** Says Ekart's success can alter Delhivery's medium-term
growth
    ** DELH last off 0.1%, trimming YTD gains to 18.7%

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))