Swiggy, Eternal shares end on mixed note

New Delhi, Dec 31 (PTI) Shares of Swiggy and Eternal ended on a mixed note on Wednesday when a section of gig workers stopped work demanding better pay and work conditions but the agitation had little impact on services on e-commerce and online food delivery platforms that saw robust business on New Year's Eve.

Swiggy stocks declined 2.10 per cent to settle at Rs 386.20 on the BSE. During the day, it dipped 2.37 per cent to Rs 385.15.

Shares of Eternal, however, eked out a marginal gain of 0.34 per cent to end at Rs 277.95. The stock hit its intra-day high of Rs 280.20, up 1.15 per cent.

While at some places gig workers staged demonstrations, firms like Zomato, Swiggy offered more incentives to delivery partners, a standard practice on festive periods, to ensure minimal disruptions in services on New Year's Eve.

While the workers' bodies claimed that many of their members, who are associated with food delivery and quick commerce firms like Zomato, Swiggy, Blinkit, Instamart, and Zepto, have stayed away from work, company insiders said it is business as usual for them on New Year's Eve.

Amid the strike call, Zomato offered delivery partners payouts of Rs 120-150 per order during peak hours between 6 pm and 12 am on New Year's Eve.

The platform has also promised earnings of up to Rs 3,000 over the course of the day, subject to order volumes and worker availability, people in the know of the development said.

In addition, Zomato has temporarily waived penalties on order denials and cancellations, they said, however, stressing that it was a standard operating protocol followed during high-demand festive and year-end periods.

"This is part of our standard annual operating protocol during festive periods, which typically see higher earning opportunities due to increased demand," an Eternal spokesperson told PTI.

Eternal owns Zomato and Blinkit brands.

Similarly, Swiggy has also increased incentives around the year-end period, offering delivery workers earnings of up to Rs 10,000 across December 31 and January 1, according to people aware of the development.

"At Swiggy, we are committed to empowering our delivery partners. As part of our standard process, enhanced incentives are offered on special occasions such as festivals, allowing delivery partners to benefit from increased earning opportunities during peak demand periods across the year," the company said. PTI SUM TRB