Swiggy shares declined close to 4 percent on Tuesday, January 28, extending losses over the past three sessions, to hit a 52-week low of Rs 389.05 per share, which is under its IPO price of Rs 390 per share.
However, the shares of the food delivery player trimmed their losses to trade in the green, up 0.2 percent at Rs 410.7 at 2.40 pm.
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Swiggy shares are trading under their listing price. The stock had listed with a 7.69 percent premium at Rs 420 per share on the National Stock Exchange (NSE) on November 13.
On BSE, the shares were listed at Rs 412 per share, marking a premium of 5.6 percent over the IPO price of Rs 390. The stock saw a significant surge after that, rising as much as 32 percent to Rs 617 per share.
The stock rose as much as 32 percent after its listing, reaching about Rs 617 per share. However, the stock has tumbled over 15 percent over the past six sessions.
The stocks have felt the slowdown after Zomato announced December quarter results for FY2025, last week. The announcement mentioned low momentum of growth in its core food delivery business. The company had announced a decline of 57 percent in its net profit, has as against Rs 59 crore in the same quarter of the previous fiscal year.
While its revenue from operations increased by 64 percent YoY to Rs 5,404 crore, from Rs 3,288 crore in Q3FY24. The quick commerce platform, Blinkit saw increased quarterly losses, at Rs 95 crore in Q3FY25.
The stock had crashed over 7 percent after the quarterly results on January 20. Zomato shares have fallen around 11 percent on January 28 so far.
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