India's Swiggy falls after quick-commerce losses widen during second quarter
Today 04:46
India's Swiggy falls after quick-commerce losses widen during second quarter Oct 23 (Reuters) - Shares of Swiggy SWIG.NS fell on Friday after the Instamart operator reported wider losses in its quick-commerce business, keeping the focus on profitability in the competitive segment following rival Eternal's ETEA.NS results earlier this week.
Swiggy's stock was down 4.4% at 202 rupees in early trade.
Eternal and Swiggy have been rapidly expanding their networks of small warehouses, known as dark stores, as the segment has emerged as a key growth driver for both companies even as spending on expansion and competition have put profitability in focus.
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
Recent news on Swiggy
See all newsIndia Stocks: Indian shares subdued as rising crude prices eclipse IT gains
India's Swiggy slips to record low on wider quick-commerce losses (updated)
India's Swiggy falls after quick-commerce losses widen during second quarter
India's Swiggy to deepen Instamart presence in existing markets as losses widen (updated)
Brief: Swiggy Says Transition To Indian Owned, Controlled Entity Will Give A Net Margin Benefit Of About 80 Bps