India, Feb. 9 -- After a spell of running with the bulls, Swiggy is grappling with bears. The stock fell below its issue price this week and the pre-IPO concerns around overvaluation are finally playing out in the public markets.

On the final day of trading in the week, Swiggy stock fell up to 2.5% to INR 379.20 on the BSE, around 3% below the IPO issue price of INR 390, before ending the week at INR 380.

Despite reporting YoY revenue jump of 31%, Swiggy's Q3 loss widened to INR 799 Cr, and the company did not exactly show the kind of growth expected on the quick commerce front, where revenue and average order value growth was under par.

In fact, most analysts expect Swiggy's operating losses to balloon in Q4, and in many ways this als...