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.