Mumbai: Shares of food delivery and quick commerce companies Swiggy Ltd. and Eternal Ltd. continued to fall on Tuesday, January 6. Swiggy shares dropped nearly 4 percent, while Eternal shares were down about 2 percent. This marked the third straight day of losses for Swiggy and the second consecutive day of decline for Eternal.
Swiggy Slips Below Key Prices
The latest fall pushed Swiggy’s share price below important levels. The stock slipped under its Qualified Institutional Placement (QIP) price of Rs 375, at which the company had raised Rs 10,000 crore. It is now also trading below its IPO price of Rs 390. The decline shows continued pressure on the stock despite the company having strong cash reserves.
Eternal Gains Support from Brokerages
Brokerage firm CLSA has added Eternal to its India focus portfolio to increase its exposure to consumption-driven stocks. Eternal replaced large names like Reliance Industries and Nestle India in this portfolio. Out of 33 analysts tracking Eternal, 29 have given a “buy” rating, showing strong confidence despite recent losses.
Current Market Performance
Eternal shares recovered slightly from the day’s low and were trading 1 percent lower at Rs 278.8. The stock is down nearly 25 percent from its record high of Rs 368 and has seen losses for three straight months. Swiggy shares, however, remained under pressure, trading 4.4 percent lower at Rs 361.95. The stock is down 42 percent from its post-listing high of Rs 617.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to risks. Please consult a qualified financial advisor before investing.
