Sterlite Technologies stock hits lower circuit, drops 5% to ₹588.30
Sterlite Technologies's stock dropped 5% on Monday, landing at ₹588.30 and hitting the lower circuit.
This comes right after a wild ride, up 56% last month and an incredible 474% so far this year, mostly thanks to its big role in AI-powered data centers.
The sudden fall is tied to global market weakness and investors cashing out some profits.
AI enthusiasm cools as Kospi halts
Tech stocks worldwide had a rough day, with South Korea's Kospi index tumbling 9%, causing a 20-minute trading halt in the KOSPI market.
Investors seem less excited about AI lately, which knocked down confidence in AI-focused companies like Sterlite.
Sterlite Technologies wins $1.11B AI contract
Despite today's setback, Sterlite recently scored a $1.11 billion contract for AI-ready data center infrastructure in May, boosting its reputation as a major player in optical fiber tech.
Backed by Vedanta Group and holding a market cap of ₹28,719 crore, it remains one of the top performers this year.