founder Lakshmi Nandan Reddy Obul resigns

Swiggy shares drop over 4% after co-founder Lakshmi Nandan Reddy Obul resigns

Swiggy co-founder Lakshmi Nandan Reddy Obul will be stepping down from his board position and moving on from Swiggy to pursue personal independent projects, the company informed the exchanges.

By Shloka Badkar

Shares of Swiggy Ltd. declined as much as 4% on Monday, April 13, after the company's co-founder Lakshmi Nandan Reddy Obul resigned as whole-time director, and head of innovation, with effect from April 10, 2026.

Obul will be stepping down from his board position and moving on from Swiggy to pursue personal independent projects, the company informed the exchanges.

Swiggy's's board also approved the appointment of Phani Kishan and Rahul Bothra as additional directors, with effect from June 1, 2026.

Kishan is the co-found and chief growth officer of Swiggy, while Bothra is the group chief financial officer of the company.

Swiggy Group CEO Sriharsha Majety said as the company enters the next phase of its growth, Kishan and Bothra's perspective will be invaluable in shaping its long-term direction.

On another note, the board also appointed Renan De Castro Alves Pinto as nominee director representing Prosus Ventures, succeeding Roger Rabalais, who has stepped back following the transition from his role at Prosus Ventures, the company said in an exchange filing.

Brokerage firm HSBC, on March 25, wrote that long-term AI concerns and near-term heightened competitive intensity may remain the key headwinds for quick-commerce companies in the near-term.

The brokerage went on to cut its price target on Swiggy to ₹300 from ₹380 earlier, both being below the company's IPO price of ₹390 per share.

Swiggy shares declined 4.4% to hit an intraday low of ₹262.85 apiece. The stock was down 3.1$ at ₹266.4 apiece at 11.30 am. It has declined 31.9% this year, so far.

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