Delivery Hero’s (DHER.DE) shares slumped on Thursday as investors appeared to cash in on strong first-quarter results from the German online takeaway food company, whose business thrived during the coronavirus pandemic.
“I don’t have an explanation for the share move,” Delivery Hero Chief Executive Niklas Oestberg told Reuters after the company published its results, adding: “We are very satisfied with the quarter, but markets are currently very volatile.”
Shares in Delivery Hero stock were down 10% at 1215 GMT, among the worst performers in the German blue-chip index (.GDAXI), after rising 8% when they opened.