Swiggy Shares Fall 24.5% in a Week to Less Than Half Their ₹390 IPO Price

Swiggy's shares fell 24.5% in the week to Friday, 23 October 2026, closing at ₹176.70, according to Inc42's weekly tracker. That is 54.7% below the ₹390 price at which the food and grocery delivery company sold shares in its 2024 IPO, and it was the steepest fall among the country's listed new-age tech companies in a week when the wider market also slid.

Most of the damage came on Friday, the first full trading day after Swiggy's September-quarter results. The stock opened at ₹204.95 against Thursday's close of ₹211.40 and fell as much as 17.24% to ₹174.95 on the NSE, The Daily Jagran reported; Goodreturns put the BSE low at ₹174.90 and the day's fall at about 16% by the close.

Why investors sold

The results, declared on 22 October after market hours, showed Swiggy's net loss narrowing to ₹922 crore from ₹1,092 crore a year earlier, but widening from ₹791 crore in the June quarter. Instamart, its quick-commerce arm, was the problem: its adjusted EBITDA loss rose to about ₹895 crore from ₹778 crore in the June quarter, Inc42 reported, and its contribution margin slipped to minus 1% of gross order value from minus 0.2%, according to Goodreturns.

Swiggy blamed spending to win back lapsed customers and a less favourable order mix, Goodreturns reported. It plans to move Instamart to an inventory-led model over the next two to three quarters, according to Inc42. Rival Blinkit, owned by Eternal, handled 1,611 orders per dark store a day in the quarter against Instamart's 1,168, The Daily Jagran reported.

What the brokerages did

Brokerages trimmed their targets but most kept positive ratings, according to The Daily Jagran, Inc42 and Goodreturns:

• HSBC: Hold, target cut to ₹240 from ₹315.
• Motilal Oswal: Buy, target cut to ₹280 from ₹360.
• ICICI Securities: Buy, target cut to ₹400 from ₹520.
• Jefferies: Buy, target ₹330.
• Nomura: Buy, target ₹300.
• CLSA: Outperform, target ₹262.

Even the lowest of these targets is above Friday's close.

A bad week for new-age tech

Swiggy was not alone. Of the 67 new-age tech stocks Inc42 tracks, 63 fell during the week, and their combined market value dropped by more than $11 billion to $149.2 billion. Eternal, Ola Electric, Paytm and Lenskart were among the decliners, and the week's debutants, Zetwerk and Tonbo Imaging, ended below their listing prices, Inc42 reported. Only Yudiz, Capillary, ixigo and Tracxn rose.

The wider market fell in each of the week's four sessions, with the markets shut on Tuesday for Dussehra. The Sensex lost 2.15% to 73,123.83, as rising crude prices, tension in West Asia and a tenth straight week of net selling by foreign investors weighed on shares, according to Inc42.

What to watch

Swiggy is among the country's biggest advertisers, with ₹1,298 crore spent on advertising and sales promotion in the September quarter alone. How it balances investor pressure on losses against the spending needed to keep pace with Blinkit and Zepto will matter to the agencies and media owners that sell it ads. The next test is the December quarter, which includes the festive season. Investors in recent listings such as Zetwerk will also be watching whether the sell-off spreads.

This story is for information only and is not investment advice.