Swiggy shares slump 5%, fall below QIP price amid higher than usual trading activity

Shares of food delivery company Swiggy dropped as much as 5% to hit an intraday low of ₹359.45 on Tuesday, January 6, on the National Stock Exchange (NSE). On the BSE, Swiggy shares fell as much as 4.88% to hit an intraday low of ₹359.55 amid higher than usual trading activity.

Trading volume in Swiggy surged by 2.6 times to 1.77 crore shares on the NSE compared with an average trading volume of 68.37 lakh shares.

On the BSE, as many as 9.46 lakh shares changed hands compared with an average of 2.45 lakh shares traded daily in the past two weeks.

With today's fall in Swiggy, the stock price dropped below its Qualified Institutional Placement (QIP) price of ₹375 per share. Swiggy last month raised ₹10,000 crore via QIP.

A total of 967 members participated in the voting process, casting 189.62 crore valid votes. Of these, remote e-voting accounted for 948 members and 185.55 crore votes, representing 97.34% of the total valid votes. E-voting conducted during the EGM saw participation from 19 members, contributing 4.07 crore votes, or 2.13% of the total.

Swiggy's Q2 earnings

The food and grocery delivery major’s net loss had widened 74.44% year-on-year (YoY) to ₹1,092 crore during the quarter under review, compared to ₹626 crore in the second quarter of the 2024-25 fiscal year (Q2FY25).

The company, however, witnessed a 54.43% YoY increase in its revenue from operations to ₹5,561 crore in Q2 of FY26, as against ₹3,601 crore in the corresponding quarter of the previous fiscal year.

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation) reported a loss of ₹798 crore during the quarter, compared to ₹554 crore in the September quarter of FY25.

Swiggy’s food delivery business’ gross order value (GOV) continues to grow in line with guidance at a healthy 18.8% YoY, to ₹8,542 crore, despite volatile macro-consumption trends and higher-than-usual rainfall. The growth was driven by competitive action and the scope expansion of subscription programmes.

As of 1:27 pm, Swiggy shares traded 4.36% lower at ₹361.90, underperforming the NIFTY50 index which was down 0.34%.