Swiggy shares jump 9.4%, market cap hits Rs 1.14 lakh crore ahead of Q2 results

Food and grocery delivery company Swiggy's shares surged by as much as 9.4% on Tuesday morning, reaching Rs 542.10 on the BSE, ahead of its September quarter earnings.

At 12.11pm, the stock was trading 3.3% up at Rs 511.65. Its current market capitalisation I'd around Rs 1.14 lakh crore ($13.5 billion).

On Monday, when Swiggy had announced the expansion of its 10-minute food delivery service, Bolt, to over 400 cities and towns across India, its shares had closed 5% up.


Initially, Bolt was launched in October in Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune.

For the June quarter, Swiggy reported operating revenue of Rs 3,222 crore while its net loss widened to Rs 611 crore from Rs 564 crore a year earlier.

Swiggy debuted on the exchanges on November 13, with the company's shares listing on the NSE at Rs 420, reflecting a 7.7% increase from the IPO issue price, while on the BSE, the stock debuted at Rs 412, showing a 5.6% premium over the issue price.

ET reported on November 8, Swiggy’s Rs 11,300-crore IPO was oversubscribed 3.6 times, driven by strong institutional investor demand. The retail investor category saw a subscription of 1.14 times, while the portion reserved for employees was subscribed 1.65 times.

The food delivery company had set a price band of Rs 371-390 per share for its offering, which includes Rs 4,499 crore in primary fundraise and an offer-for-sale (OFS) of stock worth Rs 6,828 crore by investors including Prosus, Accel, Elevation Partners, Norwest, Tencent, and Meituan.