Swiggy's Stock Performance

Shares of the prominent food delivery and quick-commerce platform, Swiggy, experienced a 5% decline on the stock exchanges on Wednesday. This drop followed the expiration of the one-month lock-in period for anchor investors, prompting profit booking by investors.

The company's stock prices fell to Rs 515.95 on the BSE and Rs 516.50 on the National Stock Exchange (NSE). Consequently, Swiggy's market valuation on the BSE dropped to Rs 1.16 lakh crore.

Impact of Lock-in Expiry

With the lock-in period ending, approximately 6.5 crore shares, representing a 3% equity stake in Swiggy, became eligible for trading. This development allows investors to sell up to 50% of their holdings. The remaining 50% shares owned by anchor investors will have their lock-in period end on February 9.

Market Overview and Future Plans

Despite Swiggy's decline, the broader market showed improvement. The BSE Sensex rose by 0.12% to 81,608.76, and the NSE Nifty advanced by 0.19% to 24,655.70. Swiggy's initial public offering (IPO) last month listed with a 17% premium. The Rs 11,327-crore IPO was fully subscribed, receiving 3.59 times the subscription on the final day. As Swiggy competes in the quick commerce sector with players like Zomato-backed Blinkit and Zepto, CEO Sriharsha Majety emphasized the company's plans for solid growth over the next 3-5 years, including geographical and store network expansions for its Instamart business.