“Bearish on Swiggy shares in the near term, expecting passive outflows of over $400 million from MSCI and FTSE indices due to its exclusion following the cap on foreign ownership at 49.5%. This exclusion is likely within 2-3 business days once the dip in foreign ownership is updated. However, Jefferies maintains a 'Buy' call on Swiggy with a target price of Rs 435, implying a 58% upside, as the move supports management's plan for a 1P model at Instamart, which could drive an 80 bps margin upside.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%