Shares of logistics company Delhivery fell by 5% during intraday trading on Jan. 22, reaching a new 52-week low of 312.40 rupees (around US$3,61) on the BSE.

However, the stock slightly recovered but remained 2.86% lower at 319.45 rupees (around US$3.69), resulting in a market capitalization of 23,794.55 crore rupees (around US$2.75 billion).

The stock has declined over 18% in the past 12 months and is trading 34% below its 52-week high of 488.05 rupees (around US$5,64).

Delhivery’s growth has been pressured by increased insourcing from major client Meesho, reducing its reliance on the company’s logistics services.

That shift has contributed to the recent decline in Delhivery’s stock.