Swiggy’s stock is feeling the heat, slipping another 5% on Tuesday to hit a fresh 52-week low. This marks the third straight day of losses, with the stock already down over 26% this month alone. It’s now trading below its IPO price of ₹390, scraping an intraday low of ₹389.25. Compare that to its December high of ₹617, and we’re looking at a 37% tumble in just over a month. The pressure ramped up after Zomato, Swiggy’s biggest rival, revealed its December quarter numbers last week. While Zomato’s revenue soared 64% year-on-year, its profits nosedived by 57%, largely due to aggressive investments in its quick-commerce arm, Blinkit. The move is bold—Zomato plans to scale up to 2,000 dark stores ahead of schedule—but it’s also a cash guzzler, which hasn’t done much to lift investor confidence in the sector. Swiggy’s silence isn’t helping either. With no word yet on its own December quarter results, market sentiment is running cold. Analysts have mixed feelings—JPMorgan sees Swiggy bouncing back with a ₹730 target price, while HSBC remains cautious with a “Hold” and a ₹550 target. What’s clear is that Swiggy is now trading at a steep discount compared to Zomato on key valuation metrics, which some call overly pessimistic.