Swiggy share price dips over 5% amid Instamart technical glitch; stock down over 30% YTD
- Swiggy shares have declined more than 21% in one week and over 26% in one month. On a year-to-date (YTD) basis, Swiggy stock price has cracked more than 33%, slipping below its issue price.
Swiggy share price declined over 5% on Monday, extending its losing streak for the fifth straight session. Swiggy shares plunged as much as 5.77% to a low of ₹359.00 apiece on the BSE.
Swiggy shares have declined more than 21% in one week and over 26% in one month. On a year-to-date (YTD) basis, Swiggy stock price has cracked more than 33%, slipping below its issue price.
Swiggy Glitch
The fall in the stock price of the food delivery giant comes amid a reported Swiggy Instamart glitch which allegedly granted users up to ₹5 lakh in free cash.
A Reddit user, identified as @Techical-Relation-9 claimed that random Swiggy Instamart users received significant amounts of ‘free cash’ on the app.
In a post, titled “Someone is definitely losing their job at Swiggy,” the user claimed people “unexpectedly started receiving ₹4,000 to ₹500,000 in free cash on Swiggy Instamart”.
The user also shared screenshots of the alleged successful transactions. According to the post, some customers later received calls from Swiggy representatives, informing them about the glitch and requesting the return of the delivered items.
The post claimed, “Many used it to place orders, which were successfully delivered. Some later received calls from Swiggy informing them of a glitch and requesting that they return the items.”
The incident sparked widespread discussion on the platform. One user inquired, “How are you getting that money? Randomly?” to which the original poster responded, “Yes, random accounts.”
Speculation about the cause of the glitch emerged, with one user suggesting, “Looks like yesterday they released that offer in the app but they messed probability in the offer. So instead of 50,100 some people got thousands. Swiggy realised and fixed the probability so now we’re getting 50,100 only.”
Swiggy Shares Lock-In Period Ends
Swiggy shares were also under selling pressure as the IPO lock-in period ended today, leading to a significant portion of its pre-IPO shares becoming eligible for trading.
Around 6.52 crore Swiggy shares will be eligible for trading as the three-month lock-in period ended on February 10. The number of shares represents around 3% of Swiggy’s total outstanding equity.
However, it is to be noted that the end of shareholder lock-in period does not mean all the shares will be sold in the open market. These shares will just be freed up and become eligible for trading in the Indian stock market.
At 10:50 AM, Swiggy shares were trading 4.91% lower at ₹362.30 apiece on the BSE.
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