New Delhi, Aug 25 (IANS) Quick commerce services provider Swiggy Ltd’s stock has delivered a disappointing performance since its market debut, plunging around 38 per cent from the highs seen on the market debut day in 2024.
The food delivery and quick commerce company made its stock market debut in November 2024 after pricing its initial public offering (IPO) at Rs 390 per share -- which is the upper end of the price band.
On the market debut day, the stock enjoyed a positive listing, opening at Rs 412 on the BSE and Rs 420 on the NSE, before rallying to intraday highs of Rs 465.30 and Rs 465.80, respectively.
However, the early enthusiasm has largely faded. The stock ended higher at Rs 287.15 on Tuesday, representing a decline of 26.37 per cent from its IPO price and nearly 38.28 per cent from its listing-day peak.
The sharp correction underscores persistent selling pressure despite optimism from several brokerages.
Swiggy has witnessed significant volatility since listing, with the stock touching a 52-week high of Rs 473 -- an increase of 1.65 per cent -- and a low of Rs 235.85 -- a decline of almost 50 per cent -- from the Dalal Street debut day peak.
Even after rebounding from its yearly low, the share price remains well below both its IPO issue price and the levels seen during its market debut.
The weakness comes despite aggressive targets from analysts.
In 2024, global brokerage Macquarie assigned a price target of Rs 700, a decrease of over 50 per cent so far.
Separately, ICICI Securities set an even higher target of Rs 740 in October 2025, nearly a 60 per cent lower than the domestic brokerage expectations as of now.
Moreover, the company posted a consolidated net loss of Rs 791 crore for the quarter ended June 30 (Q1FY27).
--IANS
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