Swiggy’s shares have been under significant pressure, falling closer to their IPO price of ₹390. The stock has declined 15% over the last five trading sessions, with a 9% drop on Monday alone. This decline is attributed to concerns triggered by Zomato’s recent Q3 results, which highlighted a slowdown in its core food delivery business. Zomato also announced plans to accelerate investments in its quick commerce unit, Blinkit, which will remain loss-making in the near term. This has raised investor concerns about profitability in the sector.
Swiggy’s stock is now 37% below its post-listing high of ₹617, which it reached in December 2024. The company has yet to announce the date for its board meeting to declare its December quarter results, adding to market uncertainty. Despite the recent sell-off, 10 out of 15 analysts covering Swiggy still have a “buy” rating on the stock, while two recommend holding and three suggest selling. Analysts remain cautious about Swiggy’s growth and profitability outlook amid intense competition and market challenges.
