Swiggy Shares Plummet Amid Instamart Glitch That Gave Users Free Cash
Swiggy's stock took a sharp hit, dropping over 5% on Monday, marking its fifth consecutive session in the red. The stock fell to ₹359 on the BSE, extending its monthly loss to over 26% and slipping more than 33% YTD, trading below its issue price.
The decline comes in the wake of a major technical glitch on Swiggy Instamart, where several users reportedly received unexpected ‘free cash’ ranging from ₹4,000 to ₹5 lakh. A Reddit user shared screenshots of successful transactions, claiming that many customers placed orders using the credited amount, with some later receiving calls from Swiggy requesting returns.
The incident has sparked widespread online discussions, with speculation that a system error in a promotional offer led to unintended payouts. As Swiggy grapples with the fallout, investors remain wary, further weighing on the stock's performance.