Swiggy stock plunges 12% to record low ₹184.90 on Friday
Business
Swiggy's stock took a sharp 12% dip on Friday, dropping to an all-time low of ₹184.90.
The company's shares are down 52.43% year to date, mostly because investors are worried about heavy losses in Swiggy's quick-commerce arm Instamart and tough competition in India's instant delivery space.
Instamart losses rise to ₹895cr
Instamart reported bigger losses this quarter, ₹895 crore compared to ₹849 crore last year, as Swiggy keeps expanding fast delivery through dark stores.
Analysts say the short-term outlook is rocky but believe Swiggy could bounce back long-term if it manages Instamart's costs and rides the growth in food delivery and quick commerce.