Lytus Technologies (LYT) Stock Plunges 90% in Freefall

In a shocking turn of events today, shares of Lytus Technologies (NASDAQ:LYT), which specializes in platform technology services, have all but disintegrated. At one point, LYT stock was down 90% on the June 28 session until paring losses to 84% down heading into the late afternoon hours.

What caused LYT stock to lose so much market value in a single day? Unfortunately, the hemorrhaging occurred on no apparent news, leaving observers perplexed and stakeholders searching for answers. Headquartered in Mumbai, India, a search for market-shifting developments in the South Asian powerhouse reveals nothing unusual. Yes, global markets were volatile, causing flat trading in India’s Sensex. Nevertheless, the end result was mundane.

What can be said is that LYT stock made its debut earlier this month. In April of last year, Renaissance Capital reported that Lytus planned to raise $30 million in its initial public offering (IPO). At the original deal’s terms, the company would have commanded a market value of $406 million. However, when Lytus ultimately debuted in mid-June, it cut its target to a $12.4 million raise.