Swiggy shares have dropped 41% so far this year and are trading below their IPO listing price since Feb. 6, weighed down by weak earnings and intense competition in food delivery and quick commerce.The company posted a wider net loss in the January–March quarter of FY25, even as order volumes increased. It reported a loss of Rs 1,081 crore for the quarter, up from Rs 799 crore in the same period last year. This figure exceeded the Bloomberg consensus estimate, which projected a loss of Rs 778.1 crore.Analysts have raised concerns over the company's path to profitability, citing ongoing heavy spending by competitors on faster delivery and customer growth. Zomato's Blinkit division has expanded rapidly, heightening competitive pressure. Brokerages also noted that while Swiggy's core food delivery operations remained steady, persistent losses in its quick commerce segment continued to be a key issue.Competitive Pressure, Earnings WeighSwiggy has been unable to sustain post-IPO momentum. The stock has been trading below its listing price for nearly four months and has not recovered since. Investors are now focused on when the platform can reduce cash burn and improve margins, as losses continue to widen quarter after quarter.Swiggy Q4 Highlights (Consolidated, QoQ)Revenue up 10.4% to Rs 4,410 crore versus Rs 3,993 crore (Bloomberg estimate: Rs 4,178.5 crore).Ebitda loss of Rs 962 crore versus loss of Rs 726 crore (Bloomberg estimate: Loss of Rs 732.7 crore).Net loss of Rs 1,081 crore versus loss of Rs 799 crore (Bloomberg estimate: Loss of Rs 778.1 crore).Swiggy Stock: Buy, Sell Or hold?The 41% drop in share price since the start of 2025 and continued trading below IPO levels have triggered a split view in the market. Analysts still project upside, but execution risks remain high.Despite the selloff, analysts tracked by Bloomberg remain cautiously optimistic. The 12-month consensus price target is Rs 414.32, suggesting a 28.2% upside from Swiggy's last closing price. Out of the 20 analysts covering the stock, 14 rate it a ‘Buy', three suggest ‘Hold', and three recommend ‘Sell'.