Swiggy shares continued to fall for the fourth consecutive day on Friday as investors continued to sell the stock after the company’s Q3 EBITDA losses were higher than Street estimates. During the day, Swiggy stock fell up to 2.5% to Rs 379.20 on BSE. Macquarie is the biggest bear on the stock right now, with the target price going as low as Rs 325.
The stock had fallen below its IPO issue price of Rs 390 in the previous session before ending the day with a 7% downside. Despite a revenue jump of 31% year-on-year (YoY), Swiggy’s Q3 loss widened to Rs 799 crore.
“Given the heightened competitive intensity and continued investment in dark stores, we expect the losses to further widen in Q4. While food delivery KPIs (on growth, MTUs
Increase, etc) were better than Zomato, the quick com KPIs lagged Zomato, particularly in terms of order growth & contribution margin (CM),” BofA Securities said.
The brokerage has a target price of Rs 510, saying that despite earnings miss, it maintains buy as competition is expected to be intense for 3-6 months, but it remains optimistic on the medium-term potential from the growth of quick commerce.
Motilal Oswal said while food delivery remains a stable duopoly; however, increased competition and aggressive dark store expansion have rebased profitability expectations for the quick commerce sector in the near term.
The domestic brokerage firm, which has a neutral rating on Swiggy with a target price of Rs 460, said an acceleration in average order value and take rates and a possible stock correction after these results could prompt us to turn constructive on the stock.
Brokerages JPMorgan, Bernstein, UBS, BofA Securities, JM Financial, and Kotak Institutional Equities reiterated their bullish ratings on the stock after the announcement of third-quarter results.
They see an upside of 18- 60% from the current price. JPMorgan, Bernstein, and JM Financial slashed their price targets for the stock despite retaining a positive rating.
Recent Price Movements
- February 4, 2025: The counter closed at ₹433.65. The shares touched an intraday high of ₹457.7 and a low of ₹428.5. The trading volume on BSE was 817,458 shares.
- February 5, 2025: Swiggy stock traded at ₹418.15, reflecting a 3.57% decline.
- February 6, 2025: Swiggy shares plunged 8%. The stock hit a new all-time low at ₹379.20 during the session.
Historical Data
| Date | Price (NSE) | Open | High | Low | Volume | Change(%) |
| Feb 04, 2025 | 434.05 | 458.00 | 458.00 | 428.45 | 10441964 | -5.31% |
| Feb 03, 2025 | 458.40 | 431.00 | 463.00 | 421.00 | 17169683 | 5.27% |
| Feb 01, 2025 | 435.45 | 418.50 | 458.20 | 407.50 | 15070283 | 4.65% |
| Jan 31, 2025 | 416.10 | 410.90 | 420.45 | 408.40 | 5141139 | 2.80% |
Swiggy’s market capitalization on February 4, 2025, was ₹98,206.14 crore. The 52-week high and low for Swiggy shares are ₹617.0 and ₹389.25, respectively.