Swiggy rallies 12% in 2 days after UBS initiates coverage with ‘Buy’ rating

Shares of food delivery major Swiggy rallied 5 per cent to Rs 484.50 on the BSE in Wednesday’s intra-day trade, surging 12 per cent in the past two days after UBS initiated coverage on the stock with a “Buy” rating, citing “significant” valuation discount to rival Zomato. The brokerage has set a 12-month price target of Rs 515.

In the last three days, the stock price of Swiggy has soared 16 per cent, while, it recovered 20 per cent in four days. The stock had hit a record high of Rs 489.25 on November 14. Swiggy made its stock market debut on November 11.