Swiggy, Eternal Share Price Drop Up to 2% After Gig Workers Strike; Zepto IPO Filing Update

Shares of Swiggy and Eternal fell on December 26, 2025, following a nationwide strike by gig workers citing poor work conditions. Adding to the market buzz, Zepto took a step towards its public listing through a confidential IPO filing on the same day. 

Shares Decline Amid Gig Workers’ Strike 

Swiggy shares dropped 2% to ₹391.40, while Eternal, the parent company of Zomato, fell to ₹279.70, its lowest point in 5 months. The decline followed an all-India strike by gig workers on December 25, with another strike planned for December 31. The protests were driven by falling earnings, unpredictable schedules, safety risks, and lack of basic welfare protections. 

Unions involved in the strike, including the Telangana Gig and Platform Workers Union and the Indian Federation of App-Based Transport Workers, called for removal of ultra-fast delivery models, improved insurance and safety gear, transparent pay structures, and better grievance redressal through the delivery platforms. 

Demands from App-Based Delivery Workers 

Demonstrators called for the withdrawal of 10-minute delivery targets, claiming they endanger workers.  

They also demanded fair wages reflecting actual working costs and hours, cessation of arbitrary account suspensions, regular work allocation, insurance coverage, rest periods, and security benefits such as pensions.  

These concerns were amplified due to high-demand days like Christmas and New Year's Eve. 

Read More: 2026 IPO Pipeline: Reliance Jio, NSE, PhonePe And More Set For Big Listings! 

Zepto Files DRHP for IPO 

As per news reports, Zepto, a Bengaluru-based quick commerce startup started in 2020, confidentially to file its draft red herring prospectus on December 26.  

The company targets a stock exchange listing within 6 years of inception. According to sources, the pre-filing process was completed before the public announcement, indicating readiness for the listing process. 

Performance of Food Delivery Stocks in 2025 

Swiggy has declined over 27% in 2025 and more than 4% in the past 5 days. It has also lost nearly 3% in the past 6 months. Eternal shares have fallen 8% this month but are up over 2% for the year. They have gained back 7% in the past 6 months despite recent volatility. 

Swiggy Share Price Performance  

As of December 26, 2025, at 10:58 AM, Swiggy share price on NSE was trading at ₹392.75 down by 1.82% from the previous closing price. 

Eternal Share Price Performance  

As of December 26, 2025, at 10:59 AM, Eternal share price on NSE was trading at ₹284.50 down by 0.12% from the previous closing price. 

Conclusion 

The 2% drop in Swiggy and Eternal shares reflects mounting concerns over gig workers’ protests and operational models. Zepto's IPO move captured market interest amidst this ongoing debate on employee welfare in app-based delivery platforms. 

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