Citigroup Global Markets executed a significant block deal today, selling approximately 3,20,421 shares of foodtech giant Swiggy at a price of INR 381 per share.  As the purchaser, BNP Paribas Financial Markets entered the scene and acquired the whole lot in one deal.

The overall value of the deal was about INR 12.2 Cr.  This constitutes a per-share discount of 1.3% based on the closing price today of INR 386.05.  At the end of trading on Thursday, Swiggy had a market cap of INR 96,267.24 Cr.

Related: Swiggy CEO Predicts Quick Commerce Market to Hit $40 Billion by 2030

The company has recently closed down underperforming non-core initiatives, such as Swiggy Minis (its D2C SaaS platform) and Swiggy Genie (its hyperlocal delivery service), and this deal follows those closures.

It is worth mentioning that the “platform innovations” segment of Swiggy experienced a revenue decline of around 40% YoY in Q4 FY25, while losses exceeded INR 36.1 Cr during the same quarter.

In the meantime, Swiggy is trialing a new application named ‘Crew’, designed to function as a travel and lifestyle assistant.  It targets affluent clientele and assists them with routine chores as well as unique initiatives.

Additionally, following IIFL Capital’s recent ‘buy’ rating for the stock and its forecast of a 46% increase, with a target price of INR 535 per share, the company’s stock rose by over 10% last week.

Nevertheless, IIFL Capital has indicated that Swiggy lags behind its competitor Eternal in food delivery by approximately seven to eight quarters, and in quick commerce by roughly three to eight quarters, when considering order value and profit margins.

Additionally, Swiggy was included in FTSE Russell’s global equity indices on Friday, which may result in substantial investments as part of the June 2025 adjustments.

Today on BSE, Swiggy’s shares rose by 1.21%, reaching INR 386.05.