Dixon Technologies shares hit 16-month low

Mumbai: Shares of Dixon Technologies continued to slide for the sixth consecutive session, falling another 4 per cent to Rs 11,821. This marked the stock’s lowest level since August 2024, as selling pressure remained strong.

At the closing bell, the shares were down by Rs 448 or 3.63 per cent to Rs 11,880 on the National Stock Exchange (NSE). The stock has been in a sharp downtrend since late September and has lost around 35 per cent of its value from its peak of Rs 18,471.

The decline has largely been driven by concerns that the company’s earnings per share estimates for FY27 could be cut, which has weighed heavily on investor sentiment. Although the stock showed brief signs of recovery in between, a bearish view from global brokerage firm Morgan Stanley further hurt sentiment.

Dixon Technologies has now emerged as one of the worst performers among Nifty 500 stocks this year, with year-to-date losses of about 33.5 per cent. Last week, Morgan Stanley maintained its ‘Underweight’ rating on the stock and set a target price of Rs 11,563 per share.

The brokerage flagged uncertainty around growth prospects following the extension of IT hardware import norms, which it believes could limit opportunities for domestic manufacturers.