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 IT specialist Sify Technologies (Nasdaq: SIFY) sank 10% in intraday trading Wednesday on extraordinarily high volume.

So what: The double-digit plunge comes just one day after the stock soared an impressive 17% on no specific company or industry-related news. My fellow Fool Travis Hoium suggested that investors were placing bullish bets ahead of Sify's earnings report on Friday, but with 2.5 million shares having already been traded today -- versus the three-month average of 653,000 shares -- many are now looking to get out of the bet in a big way.

Now what: Fools would do well to put these moves in proper perspective. Without any news from the company, I'd chalk this mini two-day roller coaster up to the normal volatility that comes along with a foreign small cap sporting a high beta of three. Of course, when you consider that Sify trades at a massive P/E premium to behemoth rivals such as Infosys (Nasdaq: INFY) and Oracle (Nasdaq: ORCL), long-term investors might just want to stay away, regardless.

Interested in more info on Sify? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool owns shares of Oracle. Try any of our Foolish newsletter services free for 30 days.

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