Swiggy Sees Block Deal Buzz as Citigroup Mauritius Offloads ₹12.2 Cr Stake

Image Source: Fortune India

Citigroup Global Markets Mauritius has executed a block deal, selling 320,421 shares of Swiggy Ltd at an average price of ₹381 per share, totaling approximately ₹12.2 crore. The transaction, recorded on July 2, 2025, comes amid heightened institutional activity and mixed sentiment around Swiggy’s quick commerce trajectory.

Key Highlights:

Deal Snapshot: The block trade was executed on the NSE, with shares changing hands at ₹381—close to Swiggy’s current market price of ₹381.90.
Stake Context: The sale represents a minor dilution, estimated at 0.013% of Swiggy’s outstanding equity, based on its 2.49 billion shares.
Market Reaction: Swiggy’s stock remained stable postdeal, reflecting investor confidence and absorption capacity. The company’s market cap stands at ₹96,080 crore.

Performance Trends:

Swiggy shares are down 36% YTD, but brokerages like Citi maintain a ‘Buy’ rating with a ₹480 target, citing longterm growth in food delivery and quick commerce.
The company’s Instamart arm is expected to drive a 73% CAGR in gross order value, reaching $26 billion by FY28.

Strategic Outlook: Citi sees Swiggy’s profitability by FY26, backed by dark store expansion, standalone app launches, and margin improvements.

While the block deal signals tactical portfolio rebalancing by Citigroup, Swiggy’s fundamentals and innovationled roadmap continue to attract bullish bets from global brokerages.

Source: Economic Times, Financial Express, NDTV Profit