Food delivery giant Swiggy's stock takes a hit as $738 million worth of shares enter the market

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Posted by AI on 2025-05-13 11:36:15 | Last Updated by AI on 2025-12-20 06:17:39

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Swiggy's stock took a bite out of the company's shareholders' pockets yesterday, as the food delivery giant's stock dropped 7% at the opening bell on Thursday after $738 million worth of shares entered the market. The massive influx of shares came as the company's lock-in period expired for many of its employees and early investors, who had been prohibited from selling their shares since the company went public in July.

This development is a significant setback for Swiggy, which had seen its stock soar 67% since the lock-in period began on July 14th.

Despite the drop, Swiggy is still trading above its initial public offering (IPO) price of $42. Still, it fell as low as $52.20 before recovering to trade at $52.90 at lunchtime on Thursday.

The stock market is a volatile beast, and it isn't easy to predict how this development will affect Swiggy's future. Its executives and employees are likely to continue selling their shares as they cash in on their gains.

It will be interesting to see how this development affects Swiggy's position in the competitive food delivery market in India, which it currently dominates alongside Zomato.

Stay tuned for more updates on Swiggy's stock price as this story develops.

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