Swiggy share price falls 3% after listing. Should you buy or avoid?
Swiggy’s share price dipped over 3% on its second day of trading on Thursday. On the Bombay Stock Exchange (BSE), shares of the Bengaluru-based food delivery giant fell 3.07% to Rs 441.95 around 11:12 am.
The drop comes after a decent debut, closing at Rs 455.95 the previous day, marking a 10.67% rise from its initial listing price.
Brokerage views are mixed on Swiggy’s future. HDFC Securities initiated coverage on the stock with an ‘add’ rating and a price target of Rs 430, signaling a 6% potential downside from its closing price.
According to HDFC Securities, Swiggy’s growth may trail Zomato for another 4-6 quarters unless it strengthens its monthly transacting user (MTU) base, a key driver of gross order value (GOV) growth.
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