Swiggy shares extend losses for fifth day, decline over 5% to hit all-time low

In the five days of crash, Swiggy shares have tanked more than 20% to trade below the issue price of ₹390 for the third straight day.

Swiggy shares have been on a decline after the food delivery and quick commerce player reported a widening of losses for the December quarter. The stock traded at a record low level on Friday as well.

The stock opened lower on Monday and cracked further as much as 5.7% to hit an all-time low of ₹359 apiece on the NSE. Shares of the company, however, recovered some of the early losses to trade 3.6% lower at ₹366.95 apiece on the NSE at 11:57 am.

On BSE, Swiggy shares dropped to an all-time low of ₹359 per share. Shares have tanked around 22% on the BSE in five straight days since February 3.

Meanwhile, media reports claimed that Swiggy Instamart users received cash discounts ranging from ₹4,000 to ₹5 lakh, which they used for placing successful orders. The discounts were due to some technical glitch.

The users on a social media platform claimed that the company allegedly approached users after delivery and requested them to return the items purchased during the glitch.

Swiggy last week reported a widening of losses to ₹800 crore for the October-December quarter of FY 2024-25 from ₹574-crore net loss reported in the year-ago quarter.

The food delivery platform reported a 31% rise in revenue to ₹3,993 crore for the third quarter of FY25 compared to ₹3,049 crore in the year-ago period.

The company’s EBITDA was negative at ₹725 crore in Q3FY25 against ₹525 crore losses in Q3FY24.

Experts also raised concerns over growing competition in the quick commerce segment. Swiggy’s revenue from the quick commerce segment more than doubled in Q3 but EBIT losses rose to ₹528 crore from ₹310 crore in the December quarter of FY24.