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Eternal snaps 3-day gains, falls up to 5% as UBS flags loss of food delivery market share to Swiggy in Nov
Eternal snaps 3-day gains, falls up to 5% as UBS flags loss of food delivery market share to Swiggy in Nov
About this update from Eternal Limited
Eternal shares Tuesday snapped a three-day winning run, falling over 5 percent, amid profit booking after a brokerage note by UBS flagged a loss of food delivery market share to Swiggy in November.The stock declined as much as 5.29 percent to an intraday low of Rs 282.65 apiece on the National Stock Exchange. The fall came after the stock had gained in three consecutive sessions.According to a UBS note, cited by Informist, Swiggy gained market share from Eternal in the food delivery segment during November.The brokerage said industry order volumes declined 5.3 percent in November from the previous month. Eternal’s order volumes fell 4.4 percent during the period, while Swiggy’s volumes rose 0.1 percent.UBS attributed Swiggy’s performance to a decline in average order value and initiatives such as Snacc, Bolt and the 99 store, which supported overall order volumes.The brokerage noted that Eternal had outperformed Swiggy in the previous two months.In Wednesday’s session, shares of Eternal were down 5 percent, while Swiggy fell 3 percent. Both stocks are rated ‘buy’ on average by analysts, according to data compiled by LSEG.On a year-to-date basis, Eternal shares are up 3.3 percent, while Swiggy has declined 25 percent.Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.