2025-02-06 10:28:41 am | Source: Reuters
India`s Swiggy hits record-low on wider quarterly loss
Shares of Swiggy plunged about 8% to hit a record low on Thursday after the food and grocery delivery giant reported a widened third-quarter loss on rising expansion expenses to meet competition.
The company reported a 32% surge in expenses on Wednesday as it poured more money into its quick commerce platform Instamart to compete with rivals Zomato and Zepto, resulting in losses widening to 7.88 billion rupees ($90 million) from 5.74 billion rupees a year ago.
($1 = 87.5325 Indian rupees)
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