Swiggy Shares Slip After Strong Market Debut, Zomato Rises

Swiggy shares dipped into red on Thursday after an initial surge in the early trade. This comes just a day after the food delivery giant made an impressive market debut, with shares rising nearly 7% intraday before slipping to Rs 450.25 on the NSE, down 1.26% at 10:30 am.

Swiggy’s stock debuted on Wednesday at Rs 412 on the BSE, a 5.64% increase from its issue price of Rs 390. It later surged 19.30% during the day to reach Rs 465.30 before closing at Rs 455.95, reflecting a 16.91% premium. On the NSE, the stock opened at Rs 420, marking a 7.69% jump, and ended at Rs 456, up by 16.92%.

Zomato Shares Surge Following F&O Inclusion

Meanwhile, Swiggy’s primary competitor, Zomato, saw its shares rise over 3% following its inclusion in the NSE’s Futures & Options (F&O) segment. Zomato shares were trading at Rs 268.87 on the NSE, marking a 4.05% increase.

Swiggy Eyes Expansion in Quick Commerce

Post-listing, Swiggy’s CEO Sriharsha Majety shared the company’s plans to further develop its quick commerce segment. “We are expecting very solid growth for the next 3-5 years,” Majety said, adding that Swiggy aims to broaden its geographical reach and expand its Instamart store network. Over the past year, Swiggy has doubled its quick commerce categories, anticipating robust growth in the coming years.