Zomato, Swiggy Slump as Sentiment Sours for Quick Commerce Firms
- Zomato shares tumble almost 11% to lowest since July
- Firm cites slowdown in food delivery, increasing competition
A Zomato delivery rider in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
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Shares of Zomato Ltd. and its peer Swiggy Ltd. tumbled on Tuesday after the earnings commentary from India’s biggest food-delivery company amplified concerns about intensifying competition in the quick-commerce space.