Delhivery Shares Fall 3% After Jefferies Downgrade to Underperform

!Delhivery Ltd. shares declined 3% to Rs 343 on June 20, following a downgrade by Jefferies from "buy" to "underperform." The brokerage slashed its target price to Rs 315 from Rs 500, signaling an 8% potential downside, citing risks from Meesho’s insourcing and a sluggish express parcel industry outlook. Despite a 41% rally after the April 2025 Ecom Express acquisition, fueled by consolidation hopes, Jefferies warned that Meesho’s move to in-house logistics could pressure Delhivery’s third-party logistics (3PL) express parcel business. The stock, which has gained nearly 40% since April lows, has remained largely flat over the past six months.