Swiggy Ltd. shares dropped over 4% during early trade on Monday after co-founder Nandan Reddy quit and the board announced changes to certain posts. Reddy stepped down from the company's board effective April 10 to pursue independent projects, marking a key founding-level transition at the food delivery and quick commerce platform.
"Nandan has been a vital collaborator and a visionary force throughout Swiggy's evolution — from our beginnings in a single Bengaluru neighbourhood to becoming a nationwide platform serving millions. His steadfast commitment to our culture, innovation, and the consumer experience is woven into our DNA," said Group CEO Sriharsha Majety.
He spent the last 12 years building Swiggy from the ground up and navigated the company through the 2015-16 food-tech market shakeout. He set up foundational operations and led the AI-concierge service 'Crew'.
Lakshmi Nandan Reddy Obul, whole time director and head of innovation, also resigned to pursue other professional interests.
The board appointed co-founder Phani Kishan and Group CFO Rahul Bothra as executive directors effective June 1, 2026. Additionally, Renan De Castro Alves Pinto from Prosus Ventures was roped in as a nominee director.
The company disclosed the board changes after market hours on Friday.
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Swiggy Share Price Movement
Shares of Swiggy fell as much as 4.4% on the NSE to Rs 262.85, compared to a 1.7% decline in the benchmark Nifty 50. The total traded volume stood at 1.3 times the 30-day average. The stock has fallen 20% in the last 12 months and 31% year-to-date.
Twenty-three out of 28 analysts tracking Swiggy have a 'buy' rating on the stock, three suggest a 'hold' and two recommend 'sell', according to Bloomberg data. The average of 12-month price targets of Rs 419 indicates a potential upside of 58%.
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