Swiggy shares drop 4%, market value down Rs 5,000 crore in 2 days. Here’s why
Shares of food and quick-commerce giant Swiggy plunged 4% on Wednesday, extending losses to 6% over two sessions and wiping out nearly Rs 5,000 crore from its market capitalisation. The decline came amid concerns over potential foreign outflows following its exclusion from the MSCI and FTSE indices.
Swiggy shares dropped to Rs 264.55 apiece on Wednesday, the lowest level seen by the stock since late July. The company’s market capitalisation dropped to Rs 77,813 crore.
