Representative image of Swiggy gig workers.
Credit: Reuters Photo
New Delhi: Shares of food delivery and quick-commerce major Swiggy declined more than 4 per cent on Wednesday as investors booked profits after the one-month lock-in period for anchor investors expired.
On the National Stock Exchange (NSE), the stock of the company slipped 4.46 per cent to close at Rs 519.50 apiece.
Swiggy's scrip fell 3.84 per cent to settle at Rs 522.70 per share on the BSE.
Following the lock-in expiry, as many as 6.5 crore shares of Swiggy, or a 3 per cent equity stake, became eligible to trade, opening the doors for the investors to go ahead and sell 50 per cent of their holdings.
The lock-in period for the remaining 50 per cent of shares owned by anchor investors ends on February 9.
In terms of volume, 1.43 crore equity shares of Swiggy were traded on the NSE, while 6.51 lakh scrips of the company exchanged hands on the BSE during the day.
The 30-share BSE Sensex rose by 16.09 points or 0.02 per cent to close at 81,526.14. Snapping its three-day losing run, the broader NSE Nifty advanced 31.75 points or 0.13 per cent to settle at 24,641.80.
In a regulatory filing on Wednesday, Swiggy said it has introduced One BLCK, an exclusive, invite-only membership for consumers seeking the highest level of convenience and service.
As per the company, One BLCK is designed to deliver an elevated Swiggy experience, it added.
Last month, scrip of Swiggy listed with a premium of nearly 17 per cent on the exchanges.
The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.
In quick commerce, Swiggy's Instamart is competing against Zomato-backed Blinkit and another major player like Zepto.