Swiggy Stock Plunges 5%

New Delhi: Shares of food delivery and quick-commerce major Swiggy plunged 5 per cent on the bourses on Wednesday as investors booked profits after the one-month lock-in period for anchor investors expired. The scrip of the company declined 5 per cent each on the BSE and the National Stock Exchange (NSE) to Rs 515.95 and Rs 516.50 apiece, respectively.

The market valuation of Swiggy dropped to Rs 1.16 lakh crore on the BSE. Following the lock-in expiry, as many as 6.5 crore shares of Swiggy, or a 3 per cent equity stake in the company, became eligible to trade, opening the doors for the investors to go ahead and sell 50 per cent of their holdings.