Swiggy Slumps Nearly 8% After Renewed Push To Cap Foreign Ownership

by · Inc42

SUMMARY

  • The share tank came a day after the company’s board approved a proposal to cap its aggregate foreign ownership at 49.5%
  • The stock pared some losses later and was trading 5.29% lower at ₹247.75 at 11:55 IST, valuing the company at ₹68,303 Cr (about $7.1 Bn)
  • Following the board's approval, Swiggy will now seek shareholder approval for the proposal. The move is aimed at helping the company qualify as an IOCC