Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Indian online travel company MakeMyTrip (Nasdaq: MMYT) lost as much as 20% in intraday trading as investors freaked out over fiscal second-quarter earnings.

So what: MakeMyTrip is an online travel site hoping to do in India what (Nasdaq: CTRP) has done in China. Of course with a young, high-growth company like MakeMyTrip, the worry for investors is that growth -- even smoking-hot growth -- may fall short of what the market is hoping for. That was exactly the case for MakeMyTrip's shares today. Though adjusted earnings per share met Wall Street estimates and revenue less service costs was up an impressive 42%, the latter number was short of the bar analysts' had set.

Now what: Last week, shares of MakeMyTrip caught a nice tailwind as strong earnings from (Nasdaq: PCLN) and some optimistic analyst comments about MakeMyTrip's upcoming quarterly report encouraged investors. Much of the decline today is simply erasing last week's gains. Looking ahead, the company sees revenue less service cost in a range of $58 million to $61 million for fiscal 2011, which would be close to 50% above fiscal 2010's total.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.