Kaynes Technology denies auditor change report; shares surge over 14%

Kaynes Technology Ltd has issued a clarification regarding a recent news report that claimed the company was planning to change its statutory auditor amidst concerns about reporting lapses and some other issues.

In response to a stock exchange's query, Kaynes Tech on Tuesday firmly denied any ongoing negotiations to change its auditor.

The company stated that the news report was based on an incorrect interpretation of management's general remarks during a media interaction.

It clarified that no discussions, decisions, or proposals regarding a change in statutory auditors have been made by the Board or the Audit Committee.

The current auditors remain in office as per their approved tenure under applicable laws and Sebi regulations.

The company also confirmed that it has disclosed all material information that could impact its financial or operational performance and is not aware of any undisclosed information that might explain recent stock trading movements.

Additionally, there are no regulatory or legal proceedings initiated or contemplated related to this matter.

Kaynes Tech further stated that the article has no material impact on the company, given the absence of any auditor change negotiations or decisions at present.

Following the clarification, Kaynes Tech shares rebounded sharply, ending a four-session losing streak with a gain of 14.42 per cent, closing at Rs 4,356.