Swiggy. (Photographer: Vijay Sartape/NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Shares of Swiggy rose during early trade on Wednesday after the board approved to separate quick commerce business 'Instamart' through a slump sale and the fully divest its stake in Rapido to Prosus and WestBridge for a total consideration of Rs 2,400 crore.

The stock rose as much as 2.6% to 460.9 apiece on the NSE, before slipping into red. The benchmark Nifty 50 was down 0.35%. The relative strength index was 56 and the total traded turnover was Rs 214 crore.

The board approved the slump sale of the Instamart on Sept. 23 to Swiggy Instamart, an indirect step-down wholly-owned subsidiary of the company.

The approval includes authority to directors and officers of the compa

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