Last Friday, Swiggy had announced that it had expanded its quick food delivery services “Bolt” to over 500 cities. The announcement came just a day after its peer Eternal shut down its “Zomato Quick” service, stating that it does not see a path to profitability, without compromising on customer experience.
There are two important triggers that lie ahead for Swiggy over the next seven days. First being its quarterly results, which will be reported on Friday, May 9. The numbers will be keenly watched, more so, the management commentary on the Quick Commerce vertical.
The other important trigger for Swiggy is the end of its shareholder lock-in period, which will free up shares for trading.
Swiggy’s six-months and more lock-in period ends on Tuesday, May 13, and that will free up 189.75 crore shares of the company to trade, according to Nuvama Alternative & Quantitative Research.
The number of shares that become eligible to trade amounts to 85% of Swiggy’s outstanding shares.
Out of the 20 analysts that have coverage on Swiggy, 12 of them have a “buy” rating on the stock, five have a “sell” rating, while three have a “hold” recommendation.
Shares of Swiggy ended 12.5% higher on Monday at ₹343.7. The stock is still below its IPO price of ₹390.
