Swiggy Share Price:  Shares of food delivery and quick commerce major Swiggy fell by 5 per cent on Wednesday as investors booked profits after the one-month lock-up period for anchor investors ended. The company's shares fell by 5 per cent to Rs 515.95 and Rs 516.50 on the BSE and the National Stock Exchange (NSE), respectively. Meanwhile, Swiggy's market capitalization on the BSE fell to Rs 1.16 lakh crore.

After the lock-up period, 6.5 crore Swiggy shares, or 3 per cent of the company's stake, became eligible for trading, opening the door for investors to sell 50 per cent of their holdings. The lock-up period for the remaining 50% of shares owned by anchor investors ends on February 9.

The 30-share BSE Sensex was up 98.71 points, or 0.12 per cent, at 81,608.76 in morning trade, while the NSE Nifty was up 45.65 points, or 0.19 per cent, at 24,655.70. Last month, Swiggy's scrip was listed on the exchanges at a premium of nearly 17 per cent.

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At around 11:50 am, Swiggy shares were trading at Rs 520.40, down 4.29 per cent. The shares of the food delivery firm were opened at Rs 527 on the NSE and went down to hit an intraday low at 516.50. 

Swiggy IPO was subscribed 3.59 times

Swiggy's Rs 11,327 crore initial public offering was fully subscribed on the last day of share sale on Friday, closing with a subscription of 3.59 times. In the fast-paced market, Swiggy's Instamart will compete with other major players like Zomato-backed Blinkit and Zepto.

To strengthen its position, Swiggy CEO Sriharsha Majeti said that they expect very strong growth in the next 3-5 years. The company is expanding its geographical footprint and network of stores for the Instamart business.

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