Titan staged a weak quarterly performance, triggering the sharp fall in its stock.
The Tata group jewellery and watches maker's stock was the top loser in the Nifty and Sensex baskets on May 6.
The Tata group firm's market cap (mcap) contracted by Rs 22,527.6 crore to Rs 2,91,340.4 crore at the end of the session.
Titan logged a worse-than-expected 5% rise in consolidated PAT for the March quarter to Rs 771 crore.
Titan's Q4 PAT missed estimates by 10-12 per cent owing to a 70-100 bps miss in its jewellery margin and a "higher subsidiary loss", according to Emkay Research.
JPMorgan maintained its 'overweight' rating on Titan after the earnings announcement but reduced its target for the stock by Rs 100 to Rs 3,850.
The brokerage raised its target for Titan shares by Rs 236 to Rs 3,526.