Swiggy Shares Drop 4% Ahead Of Q3 Results

SUMMARY

As of 10:54 AM, the stock was down 3.6% at INR 418.10 per share on the BSE, compared to its last close of INR 433.65 apiece yesterday

Swiggy has been on the downward trend since yesterday, while its peer Zomato’s shares also ended in red at INR 234.50 apiece

Multiple brokerages including UBS, JM Financial, Axis Capital and Kotak Institutional Equities have given the stock a ‘buy’ rating

Shares of the foodtech major Swiggy dropped more than 4% to INR 414.75 apiece during the morning trade session on the BSE today (February 5).

As of 10:54 AM, the stock was down 3.6% at INR 418.10 per share on the BSE, compared to its last close of INR 433.65 apiece yesterday (February 4).

The market capitalisation currently stands at INR 94,684.63 Cr ($10.86 Bn).

Swiggy has been on the downward trend since yesterday, while its peer Zomato’s shares also ended in red at INR 234.50 apiece.

It is to note that the brokerages hold a positive outlook on the company’s potential in the rapid growth of food delivery and quick commerce markets in the country today.

Multiple brokerages including UBS, JM Financial, Axis Capital and Kotak Institutional Equities have given the stock a ‘buy’ rating.

Along with the positive rating, Kotak suggested a fair value (FV) of INR 500 on the stock, earlier this week. The brokerage remains positive on the prospects of Swiggy’s food delivery business and expects the company to benefit from a largely duopolistic, stable market.

Swiggy made its market debut on the exchanges on November 13, 2024. The stock was listed at INR 420 on the NSE, a premium of nearly 8% from its IPO issue price of INR 390 per share. Meanwhile, shares started trading at INR 412, a premium of almost 6% on the BSE.

In the previous quarter of FY25, the foodtech major trimmed its consolidated net loss by 4.78% to INR 625.53 Cr, from INR 657 Cr in the year-ago quarter. Meanwhile, its operating revenue zoomed 30% to INR 3,601.45 Cr during the quarter under review from INR 2,763.33 Cr in the year-ago period.

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