MANYCORE TECH's stock price plummeted 6.35% during intraday trading on Tuesday.
The sharp decline is attributed to several factors. The exercise of over-allotment options has increased the supply of shares, diluting existing holdings and adding downward pressure. Furthermore, the stock is experiencing intensified profit-taking following a dramatic post-IPO rally, having surged over 180% since its debut. A broader pullback in the AI sector has also contributed to the weakness.