Sterlite Tech shares tumble 27% from June peak after 400% surge in 2026. Should you catch this falling knife?

Sterlite Technologies shares corrected nearly 27% from their June peak of Rs 684 after a 400% rally in 2026, with market cap expanding from about Rs 4,000 crore to approximately Rs 27,000 crore in six months. CLSA retained its Outperform rating with a target price of Rs 655 (24% upside), citing a $1 billion order win from a U.S. hyperscaler and modelling a 49% EBITDA CAGR between FY26 and FY29. Technical analysts remain divided, with key support seen around Rs 440-500 and resistance at Rs 540-560, while the broader bullish case rests on India's data centre IT load growing from around 350 MW in 2019 to nearly 1.5-1.6 GW in 2025.