Zomato and Swiggy shares drop after BofA downgrades ratings, citing rising losses and slower growth.

Shares of food delivery platforms Zomato and Swiggy fell by 3-5% on March 26, 2025, following a downgrade by BofA Securities. BofA cut Zomato's rating to "neutral" with a target price of Rs 250 and Swiggy's to "underperform" with a target of Rs 325, citing expected rising losses in quick commerce and slower e-commerce growth. Despite the downgrade, ICICI Securities maintained "buy" ratings on both companies.