HDFC Bank Stock Drops 2% Despite New Swiggy Credit Card Launch
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HDFC Bank shares fell to ₹837.70 (down 2.26% on Monday) and are down 5.64% over the last five trading sessions despite the product launch. - The bank launched two Swiggy co‑branded cards: BLCK (10% cashback on Swiggy, 5% on eligible online spends) and ORNGE (5% on Swiggy, 5% on eligible online spends), splitting the July 2023 card into lifestyle and entry variants targeting groceries, food delivery, dining, travel and online shopping. - Strategic partnership expands payments adoption and category‑led rewards, strengthening consumer-facing product offerings and partnership-led growth; limited immediate market impact and unclear implications for crypto/DeFi payments or token integrations.
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The share price of India’s largest private sector bank by asset and market capitalization is down.
On Monday, HDFC Bank Ltd slipped ₹837.70, down by 2.26% from the previous close price of ₹857.05. The company’s price over the last five trading sessions also plummeted to 5.64%.
HDFC Bank remains in the red territory despite launching two new credit cards in partnership with food delivery and quick commerce platform Swiggy.
Swiggy, HDFC Bank Co-branded Cards
The two co-branded credit cards, Swiggy BLCK HDFC Bank Credit Card and the Swiggy Orange HDFC Bank Credit Card, are aimed at users who regularly spend on groceries, food delivery, dining out, travel bookings and online shopping.
The two cards effectively split the original Swiggy HDFC Bank Credit Card launched in July 2023 into two different card variants, each offering different reward rates. The BLCK card, which targets lifestyle spenders, offers higher rewards than the ORNGE card, which functions as an entry-level version.
”The Swiggy HDFC Bank Credit Card was launched two years ago to make everyday spending more rewarding and convenient. As consumers spend more across lifestyle categories, they’re seeking payment solutions that deliver meaningful value,” said Phani Kishan Addepalli - Chief Growth Officer and Co-Founder, Swiggy, as cited by Business Standard.
Reward Rates
BLCK offers 10% cashback on Swiggy services, including food delivery, Instamart, Dineout and other services. ORNGA offers half the cashback rate at 5% on Swiggy spends. Both cards offer 5% cashback on eligible online spends outside the Swiggy ecosystem.
“This expanded partnership with Swiggy reflects our focus on building differentiated, category-led propositions. By introducing two distinct variants, we are offering customers greater flexibility, deeper rewards, and meaningful value across high-frequency and premium spending categories,” said Vidya Pradeep, Head – Credit and Debit Cards Product and Portfolio at HDFC Bank.
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