Eternal, Swiggy shares trade lower amid Zepto IPO buzz, gig workers’ strike; check details

Swiggy and Eternal Ltd shares are trading lower in the early morning session on NSE. Eternal shares tumbled nearly 2% and currently trade around 282.5 apiece on NSE as of 9:35 am. Meanwhile, Swiggy shares trade 2.1% lower at 392.8 apiece.

Shares of Blinkit and Instamart parent companies declined amid gig and platform workers nationwide strike on December 31. Gig workers strike comes amid demand for a fair, transparent pay structure. Gig workers have also put forward demands for the immediate removal of 10-minute delivery models that pose a risk to public safety, end to arbitrary ID blocking and penalties without due process and job security and social security, including health insurance, accident coverage, and pension benefits.

As per media reports, the strike is called by the Indian Federation of App-Based Transport Workers (IFAT), and regional organisations like the Karnataka App-based Workers Union and the Telangana Gig and Platform Workers Union.

Another key reason behind the sharp fall in Swiggy and Eternal shares is a new update regarding the much-awaited Zepto IPO. The quick commerce platform plans to file its draft red herring prospectus (DRHP) with the market regulator SEBI on Friday, December 26, via a confidential route, news agency PTI reported, quoting sources.

Zepto is valued at $7 billion and competes with Eternal’s Blinkit and Swiggy’s Instramart in the quick commerce segment. The company raised a total of $1.8 billion, or around ₹16,000 crore, from marquee investors. The company operates over 900 dark stores as of September 2025.

As per the Moneycontrol article, Zepto reported total sales of ₹9,668 crore in FY25, rising 129% YoY from ₹4,223 crore in FY24. Meanwhile, its net loss rose 177% to ₹3,367 crore, compared with ₹1,214 crore a year earlier.

So far this year, Eternal has delivered a flat return to its shareholders. Shares have risen nearly 2% on a year-to-date basis and are down over 23% compared to the 52-week high of ₹368.45 apiece. Meanwhile, Swiggy shares are down over 27% so far this year and currently trade close to its IPO issue price of ₹390.