Cyient shares crash 23% on CEO exit, growth concerns
Cyient in the near term and analysts do not rule out further declines in the stock.
The sell-off in the stock eroded almost a quarter of the company's market value earlier in the day. It closed at ₹1,355 on Friday.
«The primary factor for the day's decline was the pessimistic growth guidance issued by management which was not the case for the rest of its IT peers,» said Sagar Shetty, research analyst, StoxBox.
Among peers, Tata Technologies and KPIT Technologies fell over 2% each while L&T Technologies moved 0.42% lower. Mphais shares gained 3.2% and Persistent Systems and Coforge inched 1.6% and 0.36% higher respectively.
Motilal Oswal Financial Services downgraded its rating on the stock to 'Sell' and slashed its target price to ₹1,350 as the current slowdown in revenues and Karthikeyan's departure create short-term uncertainty.
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