Dixon Tech shares fall to an 18-month low, market cap slips below ₹70,000 crore

Shares of Dixon Technologies Ltd. are down over 5% on Tuesday, January 13, extending their losses for the third straight session.

With this fall, the stock has declined to the lowest level since June 2024. From its recent 52-week high of ₹18,471, the stock is down over 40%. The fall has also taken Dixon's market capitalisation has declined below the ₹70,000 crore mark.

The stock has declined in six out of the nine trading sessions in 2026 so far.

On Monday, brokerage firm HSBC maintained its "buy" rating on the stock but cut its price target to ₹15,500 from ₹19,600 earlier.

The brokerage wrote in its note that a surge in memory prices, delayed JV approvals, and mobile PLI expiry concerns weigh on the near-term performance of the company.

HSBC expects a subdued third quarter from Dixon with the absence of any major event.

As a result, it has cut Dixon's earnings estimates for financial year 2026-2028 by 3% to 5% and its target price-to-earnings multiple to 50 times.

Investec though, maintained its bullish stance on Dixon, with a price target of ₹18,900 in its note on Tuesday.

35 analysts have coverage on Dixon Technologies, of which 27 have a "buy" rating, two say "hold", and the other six have a "sell" rating.

Shares of Dixon Technologies are currently trading 5% lower on Monday at ₹11,254. The stock is the top loser on the Nifty 500 index.