Swiggy Shares Dip 6% During Intraday, Slip Below Listing Price

Swiggy Shares Dip 6% During Intraday, Slip Below Listing Price

SUMMARY

Shares of Swiggy nosedived 6.07% to INR 402.30 during the intraday trading session on the BSE today (January 30)

However, the stock was trading at INR 405 apiece, down 5.44% from its previous close at INR 428.30 at 2:30 PM

With a dip in its share price, the foodtech’s market capitalisation stood at INR 90,780 Cr with more than 80 Lakh shares traded hands by that time

Shares of foodtech major Swiggy nosedived 6.07% to INR 402.30 during the intraday trading session on the BSE today (January 30).

However, the stock was trading at INR 405 apiece, down 5.44% from its previous close at INR 428.30 at 2:30 PM.

With a dip in its share price, the foodtech’s market capitalisation stood at INR 90,780 Cr with more than 80 Lakh shares trading hands by that time.

The decline in Swiggy’s share price comes a day after its company secretary and compliance officer M. Sridhar stepped down from his position.

With this, the stock also fell below its listing price. Shares of Swiggy made their market debut at INR 412 on the BSE and INR 420 on the NSE.

Last week, the company allotted 2.61 Cr equity shares under its various employee stock option (ESOP) schemes. 

This month, the company also received approval from the Ministry of Corporate Affairs (MCA) to incorporate its sports arm, Swiggy Sports Private Limited.

While the share price of Swiggy is dipping frequently, the stock surged earlier this month on the back of the company rolling out its new app ‘SNACC’ targeting 15-minute food delivery in select areas of Bengaluru. Additionally, it also launched Pyng, a services marketplace platform enabling professionals such as nutritionists, yoga instructors, and life coaches to list their services. 

Around the same time, the company also expanded its quick commerce vertical Instamart to 76 cities across India. Additionally, it is looking to launch a separate app for the quick commerce offering.

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