Eternal Shares Drop 5% as UBS Flags Swiggy Market Share Gain

• Eternal shares dropped over 5% after a UBS report indicated a loss of food delivery market share to Swiggy in November.
• UBS reported Eternal's order volumes fell 4.4% in November, while Swiggy's volumes rose 0.1%, amidst an overall industry decline.
• New labour codes, effective November 21, 2025, will mandate platform companies to contribute to a social security pool for gig workers.
• These codes could increase costs by Rs 3.2/order for food delivery and Rs 2.4/order for quick commerce, potentially passed to consumers.
• GST rate cuts on Blinkit's basket are projected to boost demand from Q3FY26, despite a negative impact in Q2FY26.

Why It Matters: Market shifts and new labor laws threaten food delivery company profits.