Lytus Technologies (NASDAQ:LYT) stock is sinking 17% to $5.77 in early trading today after nosediving nearly 90% yesterday. No news explaining the plunge has surfaced.

Yesterday, the shares hit their all-time low of $5.15. On Monday, the shares reached a record high of $47.06.

What to Know About LYT Stock

The company launched its IPO on June 15. It “primarily provides content streaming and telecasting services to over 8 million active users located across India.” Lytus “also delivers telemedicine services through relationships with local health centers.”

It was originally supposed to obtain $30 million from the IPO of LYT stock, according to information published in April. Ultimately, however, the company had to settle for proceeds of just $12.4 million.

In March, the company reported that it had “over 8 million active users located all across India.” Lytus explained that “Through our platform, our customers are well connected via customer premises equipment … devices/set top boxes … and have access to multi-dimensional services including telemedicine service.”

The company expects to add new products and innovative technologies in the future. Lytus — which acquired Global Health Sciences, an American telemedicine company — wants to provide telemedicine services to the many Indians who lack adequate healthcare services. The company is staffing its local clinics with nurses who will “assist” the doctors who are speaking with patients over the internet.

Lytus had $1.9 million of revenue in fiscal 2021.

“We believe that our deep understanding and local expertise have enabled us to create solutions that address the needs and preferences of our consumers in the most comprehensive and efficient way,” Lytus reported.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.