Swiggy shares under pressure after lock-in period expires- Premium membership launch fails to lift investor sentiment

The food and grocery delivery platform, Swiggy’s shares traded lower on Wednesday (December 12), declining 1.42 per cent intra-day. This is primarily attributed to the fact that the lock-in period for anchor investors in the IPO expired on December 11. However, the stock is also in focus today after the company on December 11 announced ‘One BLCK’, an invite-only premium membership offering faster deliveries and on-time guarantees, aimed at enhancing customer loyalty and lifetime value. This however, failed to lift sentiment.