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With Tuesday’s drop, the stock fell below its IPO price of ₹390, making an intraday low of ₹389.
The stock has declined in five out of the last six trading sessions, during which the stock has declined 15%.
Shares of Swiggy have been under pressure since its peer Zomato reported its December quarter results last week, during which it spoke of a slowdown in its core food delivery business.
Zomato also said that it will be accelerating its investments in its quick commerce business Blinkit, to meet its 2,000 dark stores guidance a year earlier and as a result, Blinkit will remain loss-making in the near-term.
Swiggy is yet to announce the date for its board meeting to announce its December quarter results.
Out of the 15 analysts that have coverage on Swiggy, 10 of them still have a “buy” rating on the stock, two say “hold”, while three have a “sell” rating.
Shares of Swiggy are trading 4.8% lower at ₹390.45. With Monday’s fall, the stock is down 37% from its post-listing high of ₹617.
First Published: Jan 27, 2025 3:27 PM IS
