Zomato & Swiggy shares fall after downgrade by BofA Securities, price targets reduced

Shares of Zomato and Swiggy fell following BofA Securities' downgrades. Zomato was downgraded to "neutral" from "buy" and its price target has been cut to ₹250 from ₹300. Swiggy has received double-downgrade to "underperform" and its price target was cut to ₹325 from ₹420. The downgrade is led by expectations of rising losses in quick commerce and slowing food growth.