Swiggy shares plunged on Friday, wiping out around ₹9,000 crore in market value as widening Instamart losses overshadowed food delivery growth. Following Q2 results, brokerages cut their price targets, citing deteriorating quick-commerce profitability. Instamart’s adjusted EBITDA loss widened to ₹895 crore from ₹778 crore, while its contribution margin deteriorated to -1.4% despite 13.4% sequential growth in net order value.