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Swiggy Share Price: In the third quarter of FY 2024-25, due to online food delivery and disappointed results of Quick Commerce Swiggy, the company rolled to its historic lower level for the first time after the company’s stock listing. On Thursday, Swiggi’s stock opened with more than 7 per cent to Rs 387.95 and then fell to Rs 387, which is less than Rs 390 in the company’s IPO. Currently, Swiggy’s stock is trading at Rs 395.40 with a decline of 5.43 per cent.
Why the shares of swiggy fell
In the third quarter of the current financial year, Swiggi suffered a loss of Rs 800 crore as compared to Rs 524 crore in the same quarter a year ago. The company’s margin has been affected due to online food delivery and expansion of dark store with increasing competition in quick commerce and it is believed that this challenge may remain intact in the next quarter.
Quarterly results disappointed
On Wednesday, Swiggi declared quarterly results. The company said that it has suffered a loss of Rs 799 crore in the third quarter, which was Rs 574 crore from the same quarter as the last financial year, that is, the loss of the company has increased by 39 per cent. However, during this period, the company’s revenue has seen a boom and it has been Rs 3993 crore with a rise of 31 percent. In the first financial year, the company’s revenue was Rs 3049 crore. Jomato also disappointed the market through its results in the third quarter and the company’s profit was 57 per cent to Rs 59 crore.
40 percent drop dropped from Alltime High
The brokerage house has a mixed trend regarding Swiggy’s stock. UBS has advised investors to buy stocks for target of Rs 515. Whereas Macquarie believes that the stock will underperform and Macquarie has given a target price of Rs 325. Swiggy’s stock has now fallen by 40 percent from its alltime high 617 rupees.
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