New Delhi, May 21 -- Swiggy Ltd's shareholders on Thursday rejected a proposal that would have expanded founder and chief executive officer (CEO) Sriharsha Majety's board nomination rights, marking the first time they have voted down a resolution since the food delivery and quick commerce firm went public in November 2024.

For Swiggy, which has been seeing widening losses and a sharp decline in its share price, this underscores investor concerns over governance changes that proxy advisers and several institutional shareholders said could give the founder disproportionate influence.

Since going public, Swiggy has sought shareholder approval on 19 resolutions, according to a review of six shareholder meetings and postal ballot notices rev...