Swiggy's stock dips 3% on JM Financial downgrade

Business Sep 22, 2025

Swiggy's stock slipped nearly 3% on Monday after JM Financial downgraded its rating from "hold" to "reduce," lowering the price target to ₹420.
The main concern? Swiggy's shaky balance sheet and ongoing financial struggles.

JM Financial highlights Swiggy's struggles

To boost its finances, Swiggy is considering selling its 12% stake in Rapido, but analysts at JM Financial feel this alone won't cut it—they say Swiggy needs a much bigger cash boost.
The company has racked up net losses of ₹2,278 crore in just the last two quarters (totaling over ₹6,600 crore so far).
Even though Instamart doubled its order value, it lost market share to Blinkit, which grew even faster.