BNP Paribas Buys Eternal Shares Worth INR 3,200 Cr, Offloads Stake In Swiggy

SUMMARY

BNP Paribas bought 10.12 Cr shares in Eternal at a trade price of INR 318.1 apiece

It also sold its stake worth INR 1,158 Cr in Swiggy, by selling 2.69 Cr shares in the company

This comes on the back of BNP Paribas acquiring 3,20,421 Swiggy shares at a price of INR 381 per share last month

BNP Paribas Financial Markets picked up 10.12 Cr shares of Zomato parent Eternal via a block deal yesterday, while it offloaded 2.69 Cr shares of its competitor Swiggy.

As per the NSE data, BNP Paribas purchased Eternal shares at INR 318.1 apiece, taking the total deal size to around INR 3,200 Cr. In a separate bulk deal, the investor also offloaded 16,083 shares for a total of INR 51.11 Lakh.

Shares of Eternal closed yesterday’s trading session 0.5% lower at INR 317.80 on the BSE. The company’s market capitalisation stood at INR 3.06 Lakh Cr at the end of the session. The stock exchanges are closed today on account of Ganesh Chaturthi.

Meanwhile, BNP Paribas offloaded 2.69 Cr shares of Swiggy at INR 430.38 apiece, translating to a block deal of INR 1,158 Cr. In a separate bulk deal, it purchased Swiggy shares worth INR 18.54 Cr.

Notably, BNP Paribas had acquired 3.2 Lakh shares of Swiggy at a price of INR 381 per share last month. Back then, Citigroup Global Markets sold its shares in the bulk deal.

Shares of Swiggy ended yesterday’s trading session 1.32% higher at INR 431 on the BSE. It is pertinent to mention that shares of Eternal have gained over 14% year to date, while Swiggy is down over 20%.

The bulk deals come at a time when the two companies are engaged in an intense competition in the quick commerce sector.

Blinkit Vs Instamart: The Battle For Quick Commerce Dominance

While Swiggy and Zomato have a duopoly in the foodtech segment, the two companies are also burning cash to establish supremacy in the country’s rapidly growing quick commerce segment.

Eternal’s Blinkit currently has a lead over Swiggy’s Instamart, but the quick commerce verticals of the giants are also facing competition from the likes of Zepto, Flipkart Minutes, BigBasket, and more.

To keep the competition at bay, Eternal and Swiggy are rapidly expanding their dark store network. This has resulted in the bottom line of the companies taking a hit.

Blinkit’s loss stood at INR 42 Cr in Q1 FY26 as against a profit of INR 43 Cr in the same quarter last year. Even Eternal’s consolidated net profit declined more than 90% to INR 25 Cr from INR 253 Cr in Q1 FY25 on the back of its continuous investments in Blinkit.

Similarly, Swiggy’s net loss zoomed 96% to INR 1,197 Cr in the June quarter from INR 611 Cr in the year-ago quarter. Instamart’s loss stood at INR 797 Cr in Q1 FY26, almost 3X of INR 280 Cr loss in the year-ago quarter.