After a meteoric rise that turned heads across the market, ITI shares came crashing down, plunging 10% on January 7 to hit their lower circuit. This sharp drop came a day after the BSE and NSE demanded clarification on the stock’s dramatic movements, which had seen it soar over 43% in just two sessions. Opening strong at ₹572.40 on the BSE and ₹575.15 on the NSE, the stock quickly spiraled downward, hitting its lower price bands of ₹491.25 and ₹489.95, respectively. This dramatic shift follows an astounding rally: ITI shares had climbed 19% on Monday and 20% the previous Friday, setting the market abuzz. The exchanges’ inquiry into these abnormal movements highlights their efforts to ensure transparency and protect investors. ITI acknowledged the query in a filing but has yet to provide a response. What’s driving the rollercoaster? ITI, a PSU under the Department of Telecommunications, has been a favorite among investors lately, with its stock climbing over 75% in the past year and skyrocketing 180% since hitting a 52-week low of ₹210.20 in October. Strong financials and government-backed infrastructure initiatives have fueled this impressive performance.