Swiggy Shares Plunge Below QIP Price; Zomato Also Declines Amid Market Sell-off

• Swiggy shares fell approximately 5% today, marking the third consecutive day of decline, closing at ₹361.30 on BSE.
• Eternal (Zomato's parent company) shares also dropped for the second day, closing at ₹278.75.
• Swiggy's current share price is now below its QIP price of ₹375 and IPO price of ₹390.
• Despite the recent fall, global funds and analysts like Matt Orton and CLSA remain bullish, citing strong credit lines, cash reserves, and positive impact from GST reforms.
• A majority of analysts (29/33 for Eternal, 23/28 for Swiggy) maintain a 'buy' rating for both food delivery giants.

Why It Matters: Swiggy and Zomato shares are falling, but experts remain bullish on their long-term prospects.