Cyient’s stock plummeted 23% on Friday, touching ₹1,351—a level not seen in 19 months. This dramatic drop marked the largest intraday fall in recent memory, pushing the IT firm’s monthly losses to a staggering 27%. The sell-off came as a response to the company’s weaker-than-expected Q3 performance, revised FY25 guidance, and the abrupt resignation of CEO Karthikeyan Natarajan. The December quarter results were sobering. Net profit dropped 31.7% QoQ to ₹122.3 crore, while revenue inched up 4.2% sequentially to ₹1,926.4 crore. Cyient’s Digital, Engineering, and Technology (DET) segment—a major revenue driver—grew just 2.1% sequentially but shrank 1.9% YoY in constant currency terms. The EBIT margin for DET narrowed to 13.5%, down 72 basis points QoQ, primarily due to wage hikes and currency headwinds. Further adding to investor unease, Cyient slashed its FY25 revenue outlook for the DET segment, now projecting a 2.7% decline YoY instead of flat growth. The EBIT margin guidance for Q4 FY25 was also reduced to 13.5% from the earlier 16%. Despite securing its highest-ever order intake of $312.3 million in the DET segment during Q3, the results failed to reassure markets. Motilal Oswal downgraded the stock to “sell,” citing weaker growth prospects and margin pressures. The firm slashed its earnings estimates for FY25–FY27 by 13% and revised its target price to ₹1,350. JP Morgan followed suit, downgrading Cyient to “neutral” and cutting its target price to ₹1,750.