By Scott Kanowsky
Investing.com — HelloFresh SE (ETR:) is set to be replaced on Germany’s by rival Delivery Hero AG (ETR:), according to analysts quoted by Bloomberg.
The food delivery group’s relegation from the gauge of shares in 40 major German blue-chip companies on the Frankfurt Stock Exchange is expected to be announced by index provider Qontigo on Monday at 22:00 CET, Bloomberg reported.
Shares in HelloFresh fell toward the bottom of the DAX in early trading on Monday, hovering near a 52-week low. Delivery Hero stock also dipped into the red.
Both HelloFresh and Delivery Hero have seen their share prices slide as a pandemic-driven surge in customer demand for at-home dining waned and competition in the sector intensified. HelloFresh stock is down by more than 74% year-over-year, while Delivery Hero is lower by nearly 68%.
Delivery Hero’s recent share price plunge saw it dumped from the index in favor of chemical goods maker Beiersdorf AG (ETR:) during a June reshuffling.
However, shares in Delivery Hero have recently made a slight comeback. The stock touched its highest level since February last month after the company said it expects annual underlying earnings to come in above previous estimates.
Image and article originally from www.investing.com. Read the original article here.