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 Sify Technologies (Nasdaq: SIFY) fell more than 24% in early trading before closing down close to 20%. No particular news drove the drop, but Indian microcap peer Rediff.com (Nasdaq: REDF) also fell more than 17%.

So what: Not that this was a subcontinent-wide slump, mind you. Rediff fell on lower-than-average volume while Sify saw more than 1.9 million shares change hands during the trading day, up 48% on the stock's three-month average. Infosys (Nasdaq: INFY) and Wipro (NYSE: WIT), meanwhile, fell about in line with the overall market.

Now what: For Sify, put options proved particularly popular. According to Benzinga, trading volume on put options outpaced call options volume 38-to-1. The implication? Those betting on Sify are betting the stock is heading lower. Do you agree with the bears? Would you buy shares of Sify Technologies at current prices? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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