Jefferies upgrades Swiggy to buy with Rs 500 target price but calls it high risk-high reward play

Swiggy shares slipped 4% after Q1 losses doubled, but Jefferies upgraded the stock to ‘Buy with a Rs 500 target, citing a likely bottom in profitability. The brokerage expects easing competition and a pause in dark store expansion to aid recovery, though volatility may persist due to Swiggys low-margin base and high-risk profile.