Swiggy’s shares fell nearly 11% to 427.20 rupees (US$4.94) on Jan. 21, hitting an an eight-week low, before slightly recovering to 442 rupees (US$5.11).

This drop lowered its market capitalization to about 98,380 crore rupees (US$11.4 billion).

The decline came after rival Zomato’s weak Q3 FY25 financial results, raising concerns about the food delivery sector.

Despite the recent decline, Swiggy remains supported by firms like JP Morgan and Axis Capital, with target prices of 730 rupees (US$8.44) and 640 rupees (US$7.40), respectively.

Swiggy is expanding its quick commerce initiatives and diversifying, including launching Pyng Professional, and creating a sports-focused subsidiary, Swiggy Sports Private Limited.