Swiggy’s stock tumbled 17% on Friday, its steepest single‑day decline since mid‑2022, as investors reacted to a softer quick‑commerce outlook and persistent margin pressure.
The Nifty Midcap index fell 1,263 points, a 2.4% slide, dragging down mid‑cap heavyweights like JSW Steel, which dropped 3% even after reporting healthy Q2 results.
Sensex closed at 73,124, a 126‑point dip, while Nifty 50 settled at 22,600, down 88 points – a 0.17% and 0.39% decline respectively, below the median analyst expectation of a 0.2% rise.
Banking stocks were not spared; Nifty Bank fell 638 points to 54,287, a 2.6% drop. Metal equities lagged, with JSW Steel off 3%, and AI‑driven names like ABB down 5% amid a sell‑off in the sector.
Market breadth stayed sharply negative, with the NSE advance‑decline ratio at 1:6, signalling widespread selling. Traders will watch the upcoming earnings calendar and RBI’s policy outlook for clues on whether the slide deepens or rebounds.