Zomato, Swiggy, other new-age company stocks vault after FM's income tax relief

Zomato and Swiggy stocks jumped up to 10% following Finance Minister Nirmala Sitharaman's announcement in the Union Budget 2025 that individuals earning up to Rs 12 lakh annually will be exempt from income tax.

The tax relief is expected to increase disposable incomes, boosting consumption.

Other new-age startups serving India's middle class, such as Nykaa, and Ola Electric, experienced a surge in their stock prices.


This increase is attributed to the finance minister's revision of income tax slabs and the announcement of a new ₹10,000 crore fund of funds scheme.

Zomato's shares surged over 7%, hitting the day's high of Rs 237.5, while Swiggy's shares jumped 10%, reaching a high of Rs 458.3 on budget day.

Similarly, Nykaa and Ola Electric Mobility rose around 4.5% and 2% respectively.

However, Swiggy's stock price dropped by 4.65%, closing at Rs 433 per share, while Paytm's stock fell by about 1.6%, PolicyBazaar by 5%, and Delhivery by 2%.

While presenting the Union Budget, the finance minister announced that India's gig workers will get health insurance under the government's Jan Arogya scheme, and will be given identity cards.

The rapid growth of India's quick commerce sector has led to a surge in demand for gig workers at 10-minute grocery delivery firms like Blinkit, Zepto, and Swiggy Instamart.