Shares of Nitin Spinners have come down around 40 per cent off its 52-week high of Rs 345.
At Friday's closing, the shares traded at Rs 215 per share.
The company deals in textile and is one of the leading manufacturers of cotton and blended yarns, grey knitted fabrics and finished and printed woven fabrics.
Notably, in 2021, the textile manufacturer was one of the multibaggers as the company's shares rose over 200 per cent cumulatively.
Analysts felt much of the rally was because of the Centre's production-linked incentive in key manufacturing sectors, which includes textile.
Other textile companies which witnessed multifold returns in 2021 were Bhilwara Spinners and Nahar Spinning Mills.
The Centre, through the PLI scheme, aims at providing a big fillip to the man-made fibres and technical textiles segments by promoting industries that invest in the production of some select textile categories.