Shares of Indian logistics player Delhivery rose to their highest level in over a month on Monday (April 7) following its acquisition of smaller rival Ecom Express in a distress sale.
Delhivery shares closed at Rs 269.35 on the National Stock Exchange (NSE), up 4.08% from their previous close, despite the mayhem in the broader stock markets triggered by Trump tariffs. The Nifty 50 index ended the day down 2.95% at 21,739, while the benchmark BSE Sensex shed 2.93% to close at 73,137.9, marking their worst day since June 4, 2024.
Delhivery plans to acquire a 99.4% stake in Ecom Express for Rs 1,407 crore ($163.7 million) in an all-cash deal, show regulatory filings. The deal values Ecom Express at an over 80% discount to its previous valuation of over $1 billion.
Once approved by the Competition Commission of India (CCI), Ecom Express will become a subsidiary of Delhivery. The company’s investors—Warburg Pincus, Partners Group, and BII, to name a few—will fully exit as part of the deal.
