Swiggy’s stock tumbled 17% on Friday after analysts cut price targets amid concerns over its quick‑commerce margins—its largest one‑day drop in recent months.
Sensex slipped 126 points to 73,124, while the Nifty 50 fell 88 points to 22,600, reflecting a market‑wide pullback.
The Nifty Midcap index fell 1,263 points, a 2% slide, underscoring the breadth of the sell‑off; the Nifty Bank index was down 638 points to 54,287 as asset‑quality worries dented banking sentiment.
Metal stocks also suffered, with JSW Steel falling 3% despite reporting healthy second‑quarter results, and capital‑goods shares like ABB dropping 5% after a broader AI‑stock sell‑off.
Investors are keeping a close eye on Swiggy’s upcoming quarterly earnings—expected next week—while the broader midcap sector remains on edge, with the advance‑decline ratio at 1:6 signalling continued selling pressure.