Swiggy Ltd. extended its fifth consecutive day of losses until the fifth day on Monday as the shareholders’ lock-in period ended. As the number of shares available for trading increased, trading was almost triple the 30-day average.
According to a memo from Axis Capital, Swiggy saw that stocks close to 6.5 crores would be eligible for trading with the lock-in period. This number accounts for nearly 3% of the company’s outstanding shares.
Swiggy fell below the IPO price of IPO 390 on February 6th. It was below the list price of Rs 420 on January 22nd. That IPO price.
In the past five sessions, stocks have fallen 20%. It fell by more than 5% on February 4th before the company reported third quarter revenue. The Quick Commerce Company’s losses expanded to Rs 799.08 for the October-December period, compared to a loss of Rs 625.53 in the July-September quarter.
The company’s revenues rose 10.9% from the previous quarter to Rs 3,993.07. The operating loss or loss before interest tax depreciation and amortization was wider than the 554.17 crore recorded for the three months ended September at Rs 725.66.
However, Monday’s axis capital chose Swiggy over Zomart in the Quick Commerce segment. The brokerage said both companies are performing clever indexes amid high competition in the segment. According to the memo, Zepto had the most offensive price tag, and Blinkit had the best assortment.
Axis Capital also said that margin pressure peaks at two-thirds of a quarter, which is more affected than Zomato.
