Mumbai/IBNS, Jan. 30 -- Shares of Swiggy declined 7% on Friday after the food delivery and quick commerce major reported a wider consolidated loss for the third quarter of the ongoing financial year, media reports said.

Despite the higher loss, the company reported strong revenue growth. Revenue from operations rose 54% year-on-year to Rs.6,148 crore in the December quarter, driven by continued momentum in food delivery and quick commerce.

Brokerage reactions to the results were mixed, with several firms cutting target prices citing concerns over rising losses and near-term profitability.

Jefferies, however, maintained a Buy rating on Swiggy but trimmed its target price to Rs.440 from Rs.500.

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