Swiggy Shares Plummet Amid Widening Losses

Swiggy shares fell nearly 7% after reporting a consolidated loss of Rs 799.08 crore for the December quarter. Share prices hit a 52-week low, and the firm's market valuation decreased by Rs 5,517.6 crore. Despite increased expenses, revenue climbed to Rs 3,993.06 crore.

Swiggy shares dropped sharply by nearly 7% on Thursday, following the announcement of a consolidated loss of Rs 799.08 crore for the December quarter.

Trading on the BSE saw Swiggy's stock close at Rs 388.90, with an intra-day low of Rs 386.40, marking a 52-week low. Similarly, at the NSE, shares fell 6.29% to Rs 391.75, sinking further during the day to Rs 385.25.

The company's market valuation sank by Rs 5,517.6 crore, touching Rs 88,071.88 crore. Despite a surge in total expenses to Rs 4,898.27 crore, revenue for Swiggy also increased to Rs 3,993.06 crore, highlighting a strategic push during the festive quarter.

(With inputs from agencies.)