Swiggy shares fall 4% after Lakshmi Nandan Reddy Obul resigns
Business
Swiggy's stock took a 4% hit on Monday, April 13, 2026 after co-founder Lakshmi Nandan Reddy Obul resigned from his roles as whole-time director and head of innovation, effective April 10, 2026.
The company said Obul moves on to personal projects.
Swiggy board additions as shares slide
With Obul leaving, Swiggy's board is getting a makeover: Phani Kishan and Rahul Bothra are joining as new directors in June, and Renan De Castro Alves Pinto steps in for Prosus Ventures.
Meanwhile, Swiggy's shares have dropped nearly 32% this year, with HSBC lowering its target price due to tough competition and long-term AI concerns and near-term heightened competitive intensity.