Smallcap, midcap indices slide for seventh session as Swiggy plunges 16%

• Nifty Smallcap 100 and Nifty Midcap 100 extend losses to a seventh session, falling 3.63 per cent and 2.73 per cent respectively

• Selling spreads across both indices, with 96 of their 100 constituents trading lower

• Swiggy plunges 16 per cent after quarterly results show wider quick-commerce losses

Indian smallcap and midcap shares fell sharply on Friday, extending their losing run to seven consecutive sessions as widespread selling pushed both indices below the benchmark Nifty’s performance.

The Nifty Smallcap 100 dropped 3.63 per cent to an intraday low of 17,611.40, taking its decline over seven sessions to around 8 per cent. The Nifty Midcap 100 fell 2.73 per cent to 55,501.15, bringing its losses over the same period to approximately 7 per cent.

The benchmark Nifty surrendered its early gains and declined around 1 per cent, heading for a fourth successive session of losses amid rising crude oil prices and tensions in West Asia.

Higher oil prices raise concerns about business costs and corporate profitability, while geopolitical tensions weaken investors’ appetite for risk. Company-specific earnings setbacks, like Swiggy, only added to the pressure. Lower liquidity in smaller stocks helped amplify price declines during widespread selling, contributing to their sharper falls compared with the Nifty.

Selling was widespread across smaller companies, with 96 of the Nifty Smallcap 100’s constituents trading lower. TD Power Systems led the decline, losing more than 8 per cent. Urban Company, Inox Wind, Ola Electric Mobility and Karur Vysya Bank were among the other major losers, falling up to 7 per cent.

The midcap index showed a similar pattern, with only four constituents in positive territory and the remaining 96 trading in the red.

Swiggy was the biggest midcap drag, plunging 16 per cent after its September-quarter results for the 2026–27 financial year showed wider losses in its quick-commerce business.

The earnings report renewed concerns about profitability in the intensely competitive segment. It followed results from rival Eternal earlier in the week.

Several brokerages lowered their target prices for Swiggy, citing concerns about its quick-commerce execution, prospects for profitability and competitive position.

Motilal Oswal Financial Services, National Aluminium Company, Adani Total Gas and Mahindra & Mahindra Financial Services also weighed on the midcap index, declining up to 5 per cent.

With agency inputs