The shares of Swiggy, one of the marquee players in the food delivery and quick service, crumbled at the intraday trade on Thursday, February 6. This fall in value of the company shares came to pass after the company reported its quarterly results for the recently concluded Q3, which ended on December 31.
Swiggy's Losses Widen
The company did not make any profits; in fact, the Bengaluru-based entity reported losses of Rs 799 crore, which is higher than the previous quarter's Rs 627 crore.
It is even higher than the previous fiscal cycle's Rs 574 crore. This resulted in the widening of losses by close to 10 per cent.
The company did not make any profits; in fact, the Bengaluru-based entity reported losses of Rs 799 crore, which is higher than the previous quarter's Rs 627 crore. | Stock
Jump In Total Income
It needs to be noted that the company also saw an increase in its overall income. The total income recorded in the third quarter of the fiscal year stood at Rs 4,095.8 crore, compared to the previous quarter's Rs 3,686 crore.
In addition, the company's overall expenses also rose from Rs 4,309 last quarter to Rs 4,898 crore this quarter.
Swiggy Shares Decline
When we look at the company's performance in the equity markets, the company shares opened at a low of Rs 391.00 per share, far behind its previous day's closing of Rs 418.05.
The company shares even hit its lowest point or the 52-week low mark of Rs 385.25.
Despite steadying the ship a little, the company shares continue to trade in with deep cuts. At the time of writing, the Swiggy shares declined by 3.84 per cent or Rs 16.05. This took the overall value of the company shares to Rs 402.00.
In the past, the company shares have depleted in value by 1.49 per cent or Rs 6.10 in the past five trading sessions. The company was listed on the National Stock Exchange (NSE) and the BSE on Wednesday, November 13, 2024.
The company was listed at Rs 412. It even hit the 52-week high of Rs 617.30 in December.
