Swiggy Shares Drop Over 8% After Q2 Results; Target Prices Cut
Swiggy shares fell more than 8% despite narrowing its Q2 net loss to Rs 922 crore year-on-year. Revenue increased 36% to Rs 7,571 crore, but adjusted EBITDA losses widened to Rs 760 crore with sequential losses rising. Instamart's gross order value grew 31% year-on-year to Rs 9,230 crore. Jefferies, Nomura, and Bernstein cut their target prices following these results.
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