Key Events This Week
May 18: New 52-week low and all-time low recorded near Rs.248
May 19: Stock rebounded with a 2.47% gain to Rs.260.85
May 21: Sharp surge in open interest by 24.16% amid bearish signals
May 22: Continued open interest increase of 10.8% with price near lows
May 18: Stock Hits New 52-Week and All-Time Low Amid Continued Downtrend
Swiggy Ltd’s stock plunged to a fresh 52-week and all-time low on 18 May 2026, closing at Rs.248.45, down 2.53% on the day. This marked a significant milestone in the stock’s ongoing decline, extending a two-day losing streak with cumulative losses of 3.33%. The stock underperformed both the broader market and its e-retail sector peers, which themselves faced headwinds. Trading below all key moving averages, including the 5-day through 200-day averages, the technical outlook remained firmly bearish.
Financially, the company continues to grapple with losses, reporting a negative EBITDA of Rs.-3,231 crore and a 33% decline in profits over the past year. Despite a 21.1% growth in net sales for the quarter ending March 2026, operating profit margins remain negative at -10.92%. Institutional investors hold a significant 40.03% stake, slightly increased from the previous quarter, yet this has not stemmed the stock’s downward momentum.
May 19: Temporary Rebound on Positive Market Sentiment
Following the sharp decline, Swiggy Ltd’s shares rebounded on 19 May, gaining 2.47% to close at Rs.260.85. This recovery outpaced the Sensex’s modest 0.25% gain, suggesting a brief relief rally. However, the stock remained below key moving averages, and volumes were steady but not indicative of a sustained turnaround. The rebound was likely a technical correction after the steep fall the previous day, with no fundamental changes reported.
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May 20-22: Renewed Selling Pressure and Rising Open Interest in Derivatives
From 20 May onwards, Swiggy Ltd’s stock resumed its downward trajectory, closing at Rs.256.85 (-1.53%) on 20 May, Rs.250.85 (-2.34%) on 21 May, and Rs.249.95 (-0.36%) on 22 May. The declines coincided with a sharp surge in open interest in the derivatives segment, signalling increased market activity and bearish positioning.
On 21 May, open interest rose by 24.16% to 64,955 contracts, accompanied by a futures volume of 31,363 contracts and a combined futures and options value of approximately ₹74,134 lakhs. This surge reflected fresh short positions or hedging activity amid the stock’s proximity to its 52-week low of Rs.247.3. The stock underperformed both its sector and the Sensex, which gained marginally during this period.
The following day, 22 May, open interest increased further by 10.8% to 60,240 contracts, with futures volume at 28,329 contracts and a combined notional value of ₹62,407 lakhs. Despite this heightened activity, the stock’s price remained near its lows, closing at Rs.249. The persistent trading below all major moving averages reinforced the bearish technical outlook.
Investor participation also increased, with delivery volumes rising by 23.81% on 21 May compared to the five-day average, indicating active trading amid the price weakness. The derivatives market activity suggests that traders are either increasing bearish bets or employing complex hedging strategies in response to ongoing volatility.
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Daily Price Performance vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-05-18 | Rs.254.55 | -0.29% | 35,114.86 | -0.35% |
| 2026-05-19 | Rs.260.85 | +2.47% | 35,201.48 | +0.25% |
| 2026-05-20 | Rs.256.85 | -1.53% | 35,299.20 | +0.28% |
| 2026-05-21 | Rs.250.85 | -2.34% | 35,340.31 | +0.12% |
| 2026-05-22 | Rs.249.95 | -0.36% | 35,413.94 | +0.21% |
Key Takeaways
Negative Price Momentum: Swiggy Ltd’s stock declined 2.10% over the week, underperforming the Sensex’s 0.50% gain. The stock hit fresh 52-week and all-time lows, reflecting sustained bearish sentiment.
Bearish Technical Indicators: The share price remained below all major moving averages throughout the week, with technical indicators signalling a downtrend. The persistent weakness was confirmed by increased open interest in derivatives, suggesting growing bearish positioning.
Increased Market Activity: Sharp rises in open interest by 24.16% on 21 May and 10.8% on 22 May, alongside rising delivery volumes, indicate heightened trading and speculative activity amid price declines.
Fundamental Challenges Persist: Despite 21.1% quarterly sales growth, Swiggy continues to report negative EBITDA and operating margins, with a weak EBIT to interest coverage ratio of -30.90x. Institutional investors maintain a significant stake, but this has not reversed the downtrend.
Conclusion
Swiggy Ltd’s performance during the week ending 22 May 2026 highlights a challenging phase marked by declining share prices, bearish technical signals, and increased derivatives market activity. The stock’s failure to sustain gains after a brief rebound and its proximity to all-time lows underscore persistent investor caution. While the company shows some revenue growth, profitability remains elusive, and the technical outlook suggests continued pressure in the near term. Market participants should closely monitor open interest trends and fundamental developments to gauge any potential shifts in sentiment.
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