Amazon’s rapid delivery push triggers $15 billion rout for Eternal, Swiggy

Amazon and Flipkart's aggressive push into India's rapid commerce segment has triggered a combined selloff of over $15 billion (around Rs 1.4 lakh crore) in Eternal and Swiggy, with Eternal's stock down 28% from its October peak and Swiggy down about 47% from its September high. Amazon plans to expand its Amazon Now service to more than 300 Indian cities and invest $13 billion in AI and cloud infrastructure, while Flipkart is scaling to 1,500 dark stores across 180-plus cities. Reliance's JioMart and Zepto, which is planning a $1 billion IPO, are also intensifying competition, prompting Macquarie to downgrade Swiggy to Underperform and warn of persistent competitive pressure for years rather than quarters.