Meesho's valuation woes prompt Nomura to assign 'Reduce' tag; stock down 5%

Nomura has started covering Meesho with a 'Reduce' rating, sending the stock down about 5%. The broker says Meesho looks expensive next to Eternal and Swiggy, even though those two grow their net merchandise value faster and earn steady money from food delivery. If you hold or track Meesho shares, treat this as one broker's view, not a verdict.