[Laxmistart]

Good that you spotted this issue! its best to take it to your service center for further inspection. But replacing it promptly would be the safest bet.
If its sidewall damage caused by curbs or potholes, its unlikely to be covered under warranty.

[srini1785]

My guess is that the wheels need rebalancing. Check the air pressure in the bulging tire for about a month. If it is lower as compared to the other tires then you need to rebalance or check your suspension.