Swiggy investors are running out of patience with the company’s quick commerce ambition. The stock plunged 15% to ₹179.65 on the BSE on Friday, wiping out roughly ₹9,000 crore in market value in a single session as widening Instamart losses overshadowed steady growth in food delivery.
The selloff followed a series of brokerage downgrades and target price cuts after Swiggy’s Q2 results exposed the cost of pursuing growth in quick commerce. JM Financial maintained its “REDUCE” rating and cut its price target to ₹200 from ₹255, while Nuvama reduced its target to ₹200 from ₹255. Nomura retained a Buy rating but lowered its target to ₹300 from ₹435. Emkay Global cut its target to ₹310 from ₹350.
