NEXTDC LTD's stock plummeted 5.23% during intraday trading on Friday, as Australian technology stocks faced significant pressure.

The decline comes as the broader Australian technology sector hit near 3-year lows, tracking overnight losses on Wall Street where the Nasdaq tumbled more than 2% to confirm a correction. The Australian tech sub-index is set for its third consecutive week of losses, having fallen 27% this year including the session's moves.

Shares of tech firms like NEXTDC were particularly affected by the sector-wide selloff, with investors reacting to the broader market downturn and risk-off sentiment in technology stocks globally.