Zomato, Swiggy shares slide amid rising competition in quick commerce
Shares of Zomato fell over 10% after reporting a 57% YoY drop in Q3 net profit, mainly due to increased spending and expansion efforts by its quick commerce unit, Blinkit. Swiggy shares also tumbled over 9%. The competitive landscape, impacted by rivals like Swiggy and Zepto, raised market concerns about profitability and mounting expenses.
Shares of Zomato fell over 10% after reporting a 57% YoY drop in Q3 net profit, mainly due to increased spending and expansion efforts by its quick commerce unit, Blinkit. Swiggy shares also tumbled over 9%. The competitive landscape, impacted by rivals like Swiggy and Zepto, raised market concerns about profitability and mounting expenses.
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