Why Swiggy stock price corrects on second day of listing

Food delivery and quick-service company Swiggy Ltd. corrected this on the second day of listing. The company was listed and closed on November 13 16% higher at Rs 456 apiece, taking its market cap above Rs 1 lakh crore, it fell over 4.5% on the profit book on the second day of trading.

Swiggy’s first day trading data details its share liquidity or free float and how it moved at the time of listing.

At the end of the first day, Swiggy saw delivery volumes of 12.10 crore shares on both the exchanges – BSE and NSE. The total value of trading on both exchanges stood at Rs 5,519 crore. The delivery volumes or shares transferred to the buyers on Wednesday amounted to 6.03 crore shares or 49.9% and stood at Rs 2752.20 crore on both the exchanges.