[UPDATE] Swiggy Shares Surge 9% During Intraday

Shares of foodtech major Swiggy soared 8.6% to INR 354.60 apiece during the intraday trading session on the BSE today (March 4), a day after posting all-time low of INR 317.15 per share.

The shares closed at INR 350.65 apiece, up 7.4% from its previous close at INR 326.40 during yesterday’s trading session (March 3).

Till that time, Swiggy’s market capitalisation stood at INR 80,010 Cr with 1.83 Cr shares traded hands on the bourses.

Meanwhile, shares of Swiggy’s competitor Zomato also closed at INR 227.50 apiece, up 2.5% from its previous close at INR 222.05 during yesterday’s (March 3) trading session.

The foodtech major made its market debut on the NSE in November 2024, at INR 420 apiece, a premium of nearly 8% from its IPO issue price of INR 390 per share. 

Meanwhile, the shares of swiggy started trading at INR 412 on the BSE, a premium of almost 6% from its IPO issued price.

The stock further surged after the brokerage firm ICICI Securities reiterated ‘Buy’ rating on the food tech giant with a target price of INR 740.

On the financial front, Swiggy’s consolidated net loss surged over 39% to INR 799 Cr in the third quarter of FY25 from INR 574.4 Cr in the year-ago quarter. It’s quick commerce arm Instamart posted a loss of INR 527.68 Cr, up 70% YoY from INR 310.36 Cr.

Last week, the foodtech major allotted 8.64 Lakh equity shares under its employee stock option (ESOP) Plan 2021. Prior to this, it allotted 1.7 Cr equity shares under two different employee stock option (ESOP) schemes. 

The company has also levied an additional 2% collection fee on all orders for its restaurant partners. 

Additionally, the company is also planning to invest INR 1000 Cr in its wholly owned subsidiary Scootsy Logistics Pvt Ltd. by subscribing to a rights issue in one or more tranches. 

Earlier this year, Swiggy also forayed into the services marketplace segment with the launch of a new app, Pyng Professional.