Shares of Swiggy dropped 3.88% to hit an intraday low of INR 423.20 apiece on the BSE today (January 22), extending their losses for the second consecutive day.

At 12:06 PM, the stock was trading at INR 425, down 3.47% from its previous close.

At the time of writing, Swiggy’s market capitalisation stood at INR 94,966.13 Cr (about $10.97 Bn).

The decline in Swiggy’s share price came after its rival Zomato reported lower-than-expected December quarter earnings, dampening investor sentiment.

Swiggy, which went public in November 2024, has seen its stock decline about 24% from its listing price of INR 412. The company’s shares have fallen over 6% in the last trading session.

The foodtech major net loss by 4.78% to INR 625.53 Cr in Q2 FY25 from INR 657 Cr in the year-ago period, while operating revenue zoomed 30% to INR 3,601.45 Cr.

Its food delivery business turned profitable with INR 121.93 Cr profit versus a loss of INR 43.78 Cr year ago, while quick commerce revenue grew 114% YoY to INR 513 Cr.

The company expects its quick commerce business Instamart to achieve contribution breakeven by Q3 FY26 and adjusted EBITDA breakeven by Q2 FY27.

In the last five trading sessions, Swiggy’s share price has tanked nearly 13% and is currently hovering around its listing price of INR 412 on the BSE.

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