Economy · India
Swiggy Shares Plummet Amidst Profitability Concerns and Analyst Downgrades
Swiggy's shares experienced a significant decline, falling as much as 15% to a new low of Rs 179.65 on the BSE. This drop occurred after the company's second-quarter results fell below analyst expectations, leading to revised, lower price targets from financial institutions. JM Financial had set the lowest target at Rs 200, while Ambit Capital and Macquarie had targets of Rs 220 and Rs 230 respectively. The decline is attributed to wider losses in Swiggy's Instamart service, fueling concerns about the company's overall profitability.
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- Centre (3 votes, 4 outlets): Business Standard, Business Today, Hindustan Times · Mint (HT Media — 1 vote)