Swiggy shares jump 6% as Bolt expands to 500 cities, Zomato exits 10-minute delivery

Swiggy shares jumped 5.7% in early trade to an intraday high of Rs 323 on the BSE on Monday after the company announced that its quick-service food delivery vertical, Bolt, has expanded to over 500 cities across India. The announcement comes just a day after rival Zomato said it would shut down its 10-minute food delivery service, Instant (formerly Quick), citing weak demand and a lack of profitability.Launched in October 2024, Bolt offers ready-to-eat meals from partner restaurants within a 2-km radius, promising delivery in 10 minutes. The service…