** Jefferies initiates Swiggy SWIG.NS with "hold" rating, PT of 400 rupees

** Food and grocery delivery platform's market share of 45% in food delivery to grow in high-teens in medium term with margin expansion, says Jefferies

** Says quick commerce offers "tremendous growth opportunity" although faces high competition and thus SWIG's profitability will remain under pressure

** Jefferies expects SWIG to remain in losses over FY25-27, competition from new entrants Flipkart and Amazon AMZN.O to result in loss trend persisting

** Stock down 0.8% at 350.20 rupees, set for fourth straight losing session

** Avg rating on SWIG, rival Zomato ZOMT.NS at "buy" - data compiled by LSEG

** SWIG down 35% so far this year vs ZOMT's 26% decline

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))