Shares of Zomato and Swiggy opened lower on Wednesday following a downgrade by BoFA Securities. As of 9:15 AM, Zomato was trading at ₹200.27, down ₹9.54 (-4.55%), while Swiggy slipped to ₹329.20, down ₹8.30 (-2.46%) on the NSE.
BoFA downgraded Zomato to Neutral (from Buy) and Swiggy to Underperform (from Buy), citing concerns over rising losses in the quick commerce segment and slowing growth in food delivery. The brokerage also cut its target prices — Zomato to ₹250 (from ₹300) and Swiggy to ₹325 (from ₹420).
BoFA now estimates FY26/27 EBITDA for both players to be 20–50% below consensus, flagging heightened competition in quick commerce and shrinking cash flows in food delivery.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making any investment decisions.
