Swiggy share price slumps over 7% to record low as IPO lock-in period for 83% of shareholding expires

Swiggy share price fell sharply on Tuesday, declining over 7% to a record low amid heavy trading volumes, as the mandatory lock-in period for pre-IPO investors ended in the previous session. Swiggy shares plunged as much as 7.33% to their lowest level of ₹297 apiece on the BSE.

Swiggy shares came under selling pressure following the expiry of the six-month lock-in period for non-promoter, pre-IPO shareholders on May 12, 2025. Following this, approximately 189.75 crore equity shares — accounting for nearly 83% of Swiggy’s total shareholding — became eligible for trading on May 13.

The total value of locked-in shares of Swiggy was estimated at around ₹62,000 crore.

Trading activity in Swiggy shares surged significantly, with nearly 4 crore shares changing hands on Tuesday, well above the one-week average trading volume of 1 crore shares.

It is to be noted that the expiry of the lock-in period does not necessarily indicate immediate selling by investors. It only means that the shares will be available for trading in the secondary markets.

However, analysts said that several pre-IPO shareholders are sitting on significant unrealised gains.

“While a few investors had partly liquidated their positions pre-IPO as well as during the IPO, we believe at least some investors will be eager to liquidate their holdings despite the fact that the Swiggy stock is trading below its IPO price,” JM Financial had said in a note last month. “So, a sizable proportion of Swiggy shares can get traded in the near term,” it added.

Swiggy recently announced its Q4 results, wherein the food delivery and quick-commerce company nearly doubled its net loss. Here’s a look at Swiggy Q4 results 2025:

Swiggy Q4 Results 2025

Swiggy reported a consolidated loss of ₹1,081.18 crore for Q4FY25, nearly double the ₹554.77-crore loss reported in the same quarter of the previous financial year. The company’s revenue from operations in the quarter ended March 2025 increased 44.8% to ₹4,410 crore from ₹3,045.55 crore, year-on-year (YoY).

Food delivery business gross order value (GOV) continued growing in line with guidance at 17.6% YoY to ₹7,347 crore. The GOV growth of Swiggy Instamart jumped 101% YoY and 19.5% quarter-on-quarter (QoQ), clocking ₹4,670 crore in Q4FY25.

Swiggy Share Price Outlook

Swiggy share price has fallen 10% in one month and has declined 18% in three months. On a year-to-date (YTD) basis, Swiggy shares have fallen 45%, while the stock is down 34% in the past six months.

JM Financial continues to value Swiggy’s food delivery business at 45x EV/ FY27E Adj. EBITDA multiple. It now values Instamart at 0.5x EV/ FY27E GOV multiple versus 1.0x earlier due to substantial margin profile deterioration amidst high competitive pressures. The brokerage firm said that for other businesses it now uses 1x EV/GOV FY27E multiple (from 0.9x earlier) for out-of-home consumption as it has turned profitable while continuing to use 0.5x EV/Sales multiple for supply chain and distribution.

“While we see near-term pressures on Swiggy he stock price, long-term investors can use these liquidity events to build a sizeable position in Swiggy as, at CMP, the market seems to accord value to only its food delivery business, whereas Instamart and other businesses are not getting any meaningful value,” JM Financial said.

The brokerage firm maintained a ‘Buy’ rating on Swiggy shares but cut March 2026 target price to ₹450 apiece from ₹500 earlier.

At 9:25 AM, Swiggy share price was trading 5.71% lower at ₹302.20 apiece on the BSE.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.