Swiggy shares pared morning gains to trade in red on the second day after listing on the exchanges.
In the early trade, the stock extended gains on the second consecutive day on Thursday, rising over 7 percent intraday. However, shortly after it slipped into negative territory quoting at Rs 450.25 per share on the NSE, down 1.26 percent at around 10.30 am.
The shares of the food delivery and quick commerce major Swiggy ended with a premium of nearly 17 percent against the issue price of Rs 390 on Wednesday.
The stock of the company was listed at Rs 412, reflecting a jump of 5.64 percent from the issue price on the BSE. During the day, it surged 19.30 percent to Rs 465.30. Shares of the firm ended at Rs 455.95, up 16.91 percent.
At the NSE, shares of the firm made the market debut at Rs 420, a jump of 7.69 percent. The stock ended at Rs 456, higher by 16.92 per cent.
It’s biggest rival Zomato’s share price jumped over 3 percent today after inclusion into the NSE F&O list. The stock was trading at Rs 268.87 per share on the NSE, rising 4.05 percent.
Meanwhile, Swiggy said it has doubled the categories for quick commerce in the last 12 months, expecting “very solid” growth in the next 3-5 years and plans to expand its geographical footprint and stores network for Instamart business.
“We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business,” Swiggy CEO Sriharsha Majety said post the listing ceremony.
The article originally appeared on Money Control.
