Swiggy Shares Drop as Lock-in Period Ends

Shares of Swiggy declined over 4% as the one-month lock-in period for anchor investors expired, allowing them to sell 50% of their holdings. Swiggy introduced an exclusive membership, One BLCK, to enhance user experience. The company also competes with Blinkit and Zepto in quick commerce.

In a significant market move, shares of Swiggy, a key player in food delivery and quick-commerce, dropped by over 4% on Wednesday. This decline followed the expiration of the one-month lock-in period for anchor investors, prompting them to book profits.

On the stock exchanges, Swiggy's shares slipped considerably, closing at Rs 519.50 apiece on the NSE, a drop of 4.46%. Similarly, the BSE recorded a 3.84% fall, settling at Rs 522.70 per share. With the expiry, some 6.5 crore shares, or 3% equity stake, became eligible for trade, accelerating sales of 50% holdings.

Responding to market trends, Swiggy launched 'One BLCK', an exclusive membership aimed at enhancing customer service. Simultaneously, Swiggy's Instamart intensifies the competition in quick commerce, facing rivals Blinkit and Zepto.

(With inputs from agencies.)