BNP Paribas Buys INR 3,200 Cr Stake in Eternal (Zomato Parent), Sells INR 1,158 Cr in Swiggy

In a block deal on 26 August, BNP Paribas Financial Markets purchased 10.12 Cr shares of Zomato parent company Eternal and sold 2.69 Cr shares of rival Swiggy. According to NSE records, BNP Paribas paid INR 318.1 per share for Eternal shares, making the acquisition worth approximately INR 3,200 Cr.

Block Deal Details: Eternal and Swiggy Share Transactions

The investor also sold 16,083 shares for INR 51.11 lakh in a different bulk transaction. Eternal’s stock ended yesterday’s trading session on the BSE 0.5% down, at INR 317.80. At the end of the session, the market capitalisation of the company was INR 3.06 Lakh Cr.

Due to Ganesh Chaturthi, the stock exchanges are closed today. In the meantime, BNP Paribas sold 2.69 Cr Swiggy shares for INR 430.38 each, resulting in an INR 1,158 Cr block deal. It bought INR 18.54 Cr worth of Swiggy shares in a different bulk transaction.

BNP Paribas’ Recent Moves in Swiggy Stake

Last month, BNP Paribas purchased 3.2 lakh Swiggy shares at INR 381 a share. In the bulk transaction at the time, Citigroup Global Markets sold its shares. It is important to note that Swiggy is down more than 20% this year, whereas Eternal’s shares have increased more than 14%.

Eternal vs Swiggy: Quick Commerce Rivalry Heats Up

The two businesses are currently involved in a fierce fight in the rapid commerce space, which coincides with the bulk deals. In addition to having a duopoly in the foodtech sector, Swiggy and Zomato are investing heavily to gain control of the nation’s quickly expanding fast commerce market.

Blinkit Leading Ahead of Instamart

Blinkit from Eternal now leads Swiggy’s Instamart, but companies like Zepto, Flipkart Minutes, BigBasket, and others are all vying for market share in the majors’ rapid commerce sectors. Eternal and Swiggy are rapidly growing their network of dark stores in order to keep the competition at bay.

As a result, the corporations’ bottom lines have suffered. In the first quarter of FY26, Blinkit lost INR 42 Cr, compared to INR 43 Cr in the same period the previous year. Due to its ongoing investments in Blinkit, even Eternal’s consolidated net profit fell more than 90% to INR 25 Cr from INR 253 Cr in Q1 FY25.

In a similar vein, Swiggy’s net loss increased 96% from INR 611 Cr in the previous quarter to INR 1,197 Cr in the June quarter. In the first quarter of FY26, Instamart’s loss was INR 797 Cr, nearly three times the INR 280 Cr loss from the same quarter the previous year.