Swiggy Shares Plunge Amidst Anchor Lock-In Expiry

Shares of Swiggy fell 5% on Wednesday as investors booked profits following the expiration of a one-month lock-in period for anchor investors. This led to a drop in the company's market valuation to Rs 1.16 lakh crore. Additionally, 6.5 crore shares of Swiggy became eligible for trading.

Swiggy's shares experienced a 5% decline on Wednesday due to profit booking by investors following the expiration of the one-month lock-in period for anchor investors.

This resulted in a dip in Swiggy's market valuation to Rs 1.16 lakh crore on the BSE, as many as 6.5 crore shares, constituting a 3% stake, became available for trade.

The lock-in period for 50% of the anchor investors' shares will end on February 9. Swiggy competes with major players like Blinkit and Zepto in the quick-commerce sector.

(With inputs from agencies.)