Swiggy, Eternal Shares Down 30%: Analysts Advise Caution on Valuations

Unlisted Indian companies Swiggy and Eternal have experienced a substantial share price drop of up to 30% in 2026. This decline follows their initial listings at high valuations, prompting market analysts to reassess their investment appeal.

This news highlights the ongoing scrutiny of high-growth, unlisted Indian tech companies and their valuations. It reflects a broader market sentiment where investors are becoming more discerning, demanding clearer paths to profitability and sustainable growth before committing capital, especially after initial public offerings or private market funding rounds.

While Swiggy and Eternal are not currently listed on NSE/BSE, their performance can influence investor sentiment towards other unlisted Indian tech startups eyeing public markets. It may also lead to more conservative valuations for future IPOs in the Indian tech and e-commerce space, potentially impacting companies like Zomato (ZOMATO) indirectly if the broader sector sentiment turns cautious.

Traders should monitor future earnings reports from Swiggy and Eternal for signs of improved profitability and normalized valuations. The performance of other listed Indian tech companies will also be a key indicator of broader market appetite for growth stocks. Any news regarding their potential IPOs will be crucial for assessing market reception.

• •Swiggy and Eternal shares have tumbled up to 30% in 2026.
• •Both companies listed at high valuations.
• •Analysts advise caution, suggesting investors wait for clearer earnings and normalized valuations.
• •Swiggy offers a slightly better risk-reward for a long-term view.
• •Risk flag: High valuations in the tech sector