Shares of Swiggy Limited declined approximately 3% on April 13 after the company announced the resignation of its co-founder Lakshmi Nandan Reddy Obul as whole-time director and head of innovation, alongside a broader set of board-level changes.
The stock opened at ₹266.20 against its previous close of ₹275.00, touching a session high of ₹268.25 and a low of ₹262.85. The 52-week range stands between ₹256.70 and ₹474.00.
According to the company’s regulatory filing, Obul has stepped down from his position as whole-time director and head of innovation effective April 10, 2026, to pursue other professional interests. Obul, who is one of Swiggy’s co-founders, stated in his resignation letter that he intends to explore new areas he has been drawn toward.
The board approved the appointment of Renan De Castro Alves Pinto as Nominee Director representing Prosus Ventures, replacing Roger Rabalais who is stepping back following his transition from Prosus Ventures.
The company also announced that co-founder and chief growth officer Phani Kishan Addepalli and Group CFO Rahul Bothra will join the board as Additional Directors from June 1, 2026. Swiggy Group CEO Sriharsha Majety said both have been with the company since the early days and have been instrumental in steering the company through its most defining chapters.
Swiggy Limited is a Bengaluru-based food delivery and quick commerce platform operating across India, offering services including food delivery, Instamart grocery delivery, and Swiggy Genie parcel delivery.
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