Delhivery’s shares fell 1.5% to Rs 339 in intraday trade on Wednesday after nearly 4% of the logistics solutions provider’s total share capital changed hands in a block trade.

Exchange data showed that about 28 million shares changed hands on the BSE as of 9:15 am, representing 3.8% of Delhivery’s total share capital. The names of the buyer and seller were not immediately identified.

According to media reports, Japan’s SoftBank Group plans to sell a stake in Delhivery worth Rs 600 crore in a block deal. As of December 31, 2022, SoftBank, through its subsidiary Svf Doorbell (Cayman) Ltd, holds an 18.42% stake in Delhivery.

Last week, on February 22, US-based investment manager Tiger Global Management sold 20.38 million shares, or a 2.8% stake in Delhivery, through the open market. Before the sale, Tiger Global held a 5.38% stake in the company.

Internet Fund III, a venture capital fund managed by Tiger Global Management, and Tiger Global Investments Fund sold 19.28 million shares and 1.1 million shares, respectively, according to a filing with the BSE.

After the sale, Internet Fund III holds 2.55% or 18.6 million shares in Delhivery, according to exchange filings.

The stock has soared 11% over the past month, outperforming the broader market, while the S&P BSE Sensex fell 1%. However, it has lost 40% over the past six months, while the benchmark index has gained 1%.

Delhivery is India’s largest and fastest-growing integrated logistics service provider. The company’s network covers more than 18,500 pin codes across the country, providing a complete set of logistics services such as express package transportation, PTL freight, TL freight, cross-border, supply chain and technical services.