Shares of food delivery giants Zomato and Swiggy tumbled in early trade on Wednesday, continuing their poor run this year.

Zomato shares fell as much as 5% in early trade and were down 2.60% to Rs 204.36 on the BSE at 11:50 am. The stock has declined 10.5% in the past five trading sessions and over 11% in a month. On a year-to-date (YTD) basis, Zomato’s shares are down over 26%.

Swiggy’s share price also declined sharply and was down 1.88% to Rs 331.30. Like Zomato, Swiggy’s stock has also declined nearly 9% in the past five trading sessions and nearly 4% in a month. Swiggy shares are down nearly 39% on a YTD basis.

WHY ZOMATO, SWIGGY SHARES ARE FALLING

Today’s drop in Zomato and Swiggy’s share prices comes after a media report…