Swiggy, Eternal shares fall 2% after gig workers call nationwide strike, Zepto IPO update

Zomato, Swiggy

• Swiggy, Eternal shares drop as delivery partners call for nationwide strikes
• Workers demand fair pay, safer conditions, and better social protections
• Strikes coincide with high-demand days, impacting investor sentiment

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The shares of Swiggy and Zomato-parent Eternal dropped around 2 percent each on December 26 after delivery partners across platforms called for all-India strike on December 25 and December 31, citing various reasons. The fall also comes after as quick commerce rival Zepto is likely to confidentially file draft IPO papers today.

The shares of Swiggy fell to Rs 391.40 apiece, extending losses for the fourth consecutive session. Eternal shares meanwhile fell to a five-month-low of Rs 279.70 apiece in the morning of Friday.

Why are delivery workers protesting?

The Telangana Gig and Platform Workers Union and the Indian Federation of App-Based Transport Workers called the strike over alleged worsening working conditions in the gig economy. In a statement, the unions said delivery workers are facing falling earnings, long and unpredictable working hours, unsafe delivery targets, arbitrary ID blocking, and the absence of basic welfare and social security protections.

Among the key demands are transparent and fair pay structures that reflect actual working hours and costs, withdrawal of ultra-fast delivery models such as 10-minute deliveries that workers say compromise safety, an end to account suspensions without due process, improved accident insurance and safety gear, assured work allocation, and mandatory rest breaks.

The unions have also called for stronger app-level grievance redressal mechanisms to address routing and payment failures, and for job security measures including health insurance, accident coverage and pension benefits.

"Delivery workers are being pushed to breaking point by unsafe work models, falling incomes, and total absence of social protection. This strike is a collective call for justice, dignity, and accountability. The government can no longer remain a silent spectator while platform companies profit at the cost of workers’ lives," Shaik Salauddin, founder president of TGPWU and co-founder and national general secretary of IFAT, said.

The strike during the days which see high demand on food delivery and quick commerce apps may have soured investor sentiment.

Zepto IPO update:

Zepto is set to pre-file its draft red herring prospectus (DRHP) on December 26, under the confidential route, and look to list some time next year, people familiar with the developments told Moneycontrol, as the quick commerce unicorn looks to become one of the youngest startups to list on the stock exchanges.

The Bengaluru-based company was started in 2020 and will likely go public in 2026 – around six years since its inception. “Zepto’s pre-filing work is done and it will likely inform all the stakeholders about the filing on December 26,” one of the persons cited above said.

How are the food delivery stocks performing?

Swiggy shares have fallen more than 4 percent in the past five days, and nearly 3 percent in the past six months. The stock is down more than 27 percent in 2025 so far.

Eternal shares meanwhile fell 8 percent in the past one month, but gained 7 percent in the past six months. The stock is up over 2 percent in 2025 so far.

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