Zen Technologies tanks most in five years as broader market sell-off intensifies

The latest sell-off in broader market has not spared even darlings of Dalal Street this time around. Shares of Zen Technologies, which have rallied more than six-fold in less than two years saw its biggest fall in five years.

The stock of Zen Technologies plummeted as much as 13.5% in Tuesday’s (February 11) trade to mark its biggest fall since Mach 2020. Shares of the company closed Tuesday’s session at ₹1477.15, down 8.7% from the previous close. That compares with a consensus 12-month target price of ₹2314 on the stock. Domestic brokerages including Motilal Oswal Financial Services, ICICI Securities and Nuvama have “Buy” ratings on the stock with target prices ranging from ₹2200 to ₹2535 per piece.

Also read: Zen Technologies targets 50% average annual revenue growth over the next three years

Since December 2024, shares of Zen Technologies have corrected almost 43%, wiping out ₹10,000 crore of investor wealth. The company, which expects uptick in order inflows from the third quarter of the financial year is scheduled to announce its Q3FY25 results later this week. “Even though the order pipeline is almost ₹3,500 crores, we expect about ₹1,200 crores to come in by the end of this financial year, which we’ll be able to execute in the next year,” said Ashok Atluri, Chairman & Managing Director of Zen Technologies during the September quarter earnings call.

For the financial year 2024, Zen Technologies reported a net revenue of ₹440 crore. The company aims to double its revenue in the current financial year. The stock has been a consistent outperformer with a four-fold jump in 2023 and over three-fold rise in 2024 as well.