Pilbara Minerals (ASX:PLS) faced a severe downfall with an intraday drop of as much as 6.7% to A$4.77, marking its worst intraday plunge since April 26.

The company surfaced as the second-biggest loser within the ASX 200 benchmark index.

While snapping a five-day winning streak, the stock may still manage to gain over 1% across the week, provided the losses do not escalate.

For FY24, Pilbara Minerals predicts producing between 660 and 690 thousand tonnes of spodumene concentrate, which stands lower than last year’s production of 620.1 thousand tonnes.

This foreseen production at the top end fails to meet the Visible Alpha consensus of 700.0 kt.

Jefferies and Citi were expecting FY24 outputs of 755.8 kt and 713.5 kt respectively.

Pilbara Minerals' FY23 statutory profit immensely soared, quadrupling to A$2.39 billion ($1.53 billion) due to strong sales volume and increased average realized prices.

Despite this shadowing effect, Jefferies still foresees a longer-term value through additional production capacity expansions.

As of the last close, the stock of Pilbara Minerals has shot up by 36.3% this year, in contrast with a 2% rise in the ASX 200 benchmark index.

Pilbara Minerals is an Australian lithium miner involved in the production of spodumene concentrate.