New Delhi, Dec 11: Shares of food delivery and quick-commerce giant Swiggy dropped 5 percent on the stock exchanges on Wednesday as investors realized profits following the expiration of the one-month lock-in period for anchor investors.
The company’s stock fell 5 percent on both the BSE and the National Stock Exchange (NSE), reaching Rs 515.95 and Rs 516.50 per share, respectively.
Swiggy’s market capitalization fell to Rs 1.16 lakh crore on the BSE.
With the end of the lock-in period, approximately 6.5 crore shares of Swiggy, equivalent to a 3 percent equity stake, became tradable, allowing investors to sell 50 percent of their holdings.
The remaining 50 percent of the shares held by anchor investors will be eligible for trading after February 9.
In the morning trading session, the 30-share BSE Sensex rose by 98.71 points or 0.12 percent to 81,608.76, while the NSE Nifty gained 45.65 points or 0.19 percent to reach 24,655.70.
Last month, Swiggy’s stock was listed with an almost 17 percent premium on the exchanges.
The Rs 11,327-crore initial public offering (IPO) of Swiggy was fully subscribed on the last day of the share sale, finishing with a subscription rate of 3.59 times.
In the quick commerce sector, Swiggy’s Instamart competes with Zomato-backed Blinkit and other significant players like Zepto.
To strengthen its market position, Swiggy CEO Sriharsha Majety stated, “We are expecting very solid growth for the next 3-5 years. We are expanding our geographical reach and our store network for the Instamart business.” Majety further emphasized that the company will continue investing in various categories. (Agencies)
