New Delhi, March 4 -- Swiggy share price has the potential to more than double, while Zomato share price can jump nearly 40% from current levels, according to ICICI Securities' latest report on these quick commerce stocks.

Swiggy shares spiked as much as 7.72% to Rs.351.60 apiece, while Zomato share price gained 3.42% to Rs.229.65 apiece on the BSE Tuesday.

ICICI Securities reiterated its 'Buy' rating on Swiggy shares with a target price of Rs.740 per share, implying an upside potential of 127% from Monday's closing price. As per its SoTP-based methodology, the food delivery segment is valued at Rs.99,800 crore, while the quick commerce segment is valued at Rs.42,800 crore and cash balance is Rs.9,000 crore.

The brokerage has also reit...