Shares of Swiggy and Zomato saw significant declines on Monday amid a broader market downturn. Swiggy's shares fell over 8%, with a five-day correction of over 9%, while Zomato's shares dropped over 3% following a 57% year-on-year drop in Q3 net p...
By ETtech |
ETtech
Shares of food and delivery majors Swiggy and Zomato saw sharp declines on the BSE on Monday, in line with a broader stock market crash. Swiggy's shares dropped by over 8%, while Zomato saw a fall of over 3%.
Swiggy opened at Rs 444.5, which is also the day high, but later slipped to a low of Rs 411.15 as of 2:00 pm. In the past five days, Swiggy’s shares have corrected by over 9%. The company had announced on Thursday that it had allotted 2.61 crore shares to its staff under various employee stock ownership plan (Esop) schemes.
Swiggy stock chart
Meanwhile, Zomato opened at Rs 213.4 but dropped to a day’s low of Rs 207.9. Zomato's shares have corrected by over 7% since the company announced its Q3 results on January 20, reporting a sharp 57% year-on-year (YoY) drop in net profit to Rs 59 crore. The decline was attributed to increased spending and expansion of its quick commerce unit, Blinkit, as it works to fend off competition from rivals like Swiggy and Zepto.
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