Amazon launches supply chain services, pushing Delhivery shares down 4%
Business
Amazon just launched its Supply Chain Services (ASCS), letting businesses use its massive delivery network for everything from shipping by air and sea to last-mile drop-offs.
Major brands like Proctor & Gamble Co. and 3 million are already on board.
The news sent Delhivery's shares down 4% on Tuesday.
Wall Street logistics stocks tumble
The ASCS launch triggered a big sell-off in logistics stocks on Wall Street: FedEx dropped 9%, UPS fell over 10%, and other companies saw double-digit losses too.
In India, Delhivery was one of the top losers after a solid winning streak.
For now, though, Amazon has not announced expansion plans into other geographies.