Swiggy Shares Slump 7.5% Amid Broader Market Dip 

Swiggy Shares Slump 7.5% Amid Broader Market Dip 

SUMMARY

The company’s market capitalisation stood at INR 93,041.06 Cr at 12:55 PM, with 52.6 Lakh shares traded by then

The stock is nearing its all-time low figure of INR 390.70 reported at the time of its listing on November 13, 2024

Today’s stock slump was further reinforced by the broader downfall in the market today with benchmark indices like Sensex and Nifty 50 falling 0.99% and 1.02%, respectively at 12:55 PM

Shares of Swiggy slumped as much as 7.5% to INR 415.30 during the intraday trading in the BSE today (January 27) in alignment with the broader decline of the market. 

The company’s market capitalisation stood at INR 93,041.06 Cr at 12:55 PM, with 52.6 Lakh shares traded by then.

The stock is nearing its all-time low figure of INR 390.70 reported at the time of its listing on November 13, 2024. It has been on a downward trajectory, falling 23.75% in the last month. 

Today’s stock slump was further reinforced by the broader downfall in the market today with benchmark indices like Sensex and Nifty 50 falling 0.99% and 1.02%, respectively at 12:55 PM. 

Swiggy’s counterpart Zomato also saw its shares dipping as much as 3.6% intraday today. 

Despite poor performance in recent times, the stock is trading 15% above its listing price of INR 390.70.

The Sriharsha Majety-led company has experienced several developments recently, ranging from launching new offerings to allotting ESOPs.

For instance, just two days ago, the company announced allotment of 2.61 Cr equity shares under its various employee stock option (ESOP) schemes.

Prior to that, it launched SNACC, targeting a 15-minute food delivery service in select parts of Bengaluru to strengthen its quick commerce offerings.

The company has also been consolidating its dine-out business by introducing Swiggy Scenes, a new feature enabling users to book parties, events, and live music experiences at partner restaurants.

Its rival Zomato adopted a somewhat similar approach with the launch of the quick food delivery app Bistro, along with Zomato District and its acquisition of Paytm’s ticketing business last year.

However, industry bodies like the National Restaurant Association of India (NRAI) have expressed concerns about this expansion into the dine-out business and private labelling in the quick food segment. 

They are also planning to approach the Competition Commission of India (CCI) over alleged anti-competitive practices.

On the financial front, the company’s consolidated net loss narrowed by 4.78% to INR 625.53 Cr in the September quarter (Q2) of the financial year 2024-25 (FY25), compared to INR 657 Cr in the same quarter last year. Sequentially, however, the loss increased by 2.32% from INR 611 Cr.

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Swiggy Shares Slump 7.5% Amid Broader Market Dip -Inc42 Media
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