Swiggy Shares Drop Post Lock-In Period
Swiggy shares dropped 7% in intraday trading on Tuesday. The decline came after its lock-in period of six months expired. The stock opened at ₹305, still down 5% at the beginning of trading.
The stock price of Swiggy has been declining gradually after hitting its post-listing peak of ₹617. On 10:20 AM, the stock priced at ₹303, down 5.40%. This indicates a decline over 50% from its maximum value.
Paytm Shares Too Come Under Pressure
One 97 Communications, the parent of Paytm, also experienced a decline in its stock. Its shares dropped more than 5% during intraday trading. This was after reports that Ant Group is looking to sell a 4% stake in the company.
The deal is said to occur through a block deal on the BSE and NSE. The floor price has been fixed at ₹809.75 and the total worth of the stake is ₹2,066 crore.
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