New Delhi, Aug. 27 -- SanDisk has been its own company for six months, and the market is still not entirely sure what to make of it. Shares fell 94 cents to $58.34 on Tuesday, a 1.6% decline that left the stock near the middle of its short post-spinoff trading range, as investors in the newly independent flash memory producer weighed a business model that is cyclically sensitive, capital-intensive, and currently recovering from one of the worst NAND oversupply cycles in a decade.

WDC shares have risen approximately 18% since the separation - while SNDK has navigated a more complex path.

SanDisk is the world's second-largest NAND flash producer by volume, behind Samsung Electronics and slightly ahead of SK Hynix. Its primary manufacturin...