Kaynes Technology shares dive 10% after MD gets Sebi notice. Details here

Shares of Kaynes Technology India Ltd slumped in Wednesday's trade following the company's managing director Ramesh Kunhikannan receiving a showcause notice from market regulator Sebi. The Securities and Exchange Board of India's notice alleged suspected violations in maintenance of Structured Digital Database (SDD) pertaining to financial results for the period ended March 31, 2023.

"We are currently reviewing the contents of the Notice and will take all appropriate legal and procedural steps, including providing a timely response to the SEBI. The Company, Noticee and all concerned remain committed to fully cooperating with SEBI to resolve this matter in accordance with the applicable legal and regulatory framework," Kaynes Technology stated in a BSE filing.

The stock took a sharp beating today, sliding 9.56 per cent to hit a day low of Rs 3,893.85. It recovered some lost ground as the session progressed and was last seen down 2.34 per cent at Rs 4,205.15. At this price, the scrip has crashed 44.65 per cent in 2025 so far.

"The stock has corrected quite sharply. We don't have coverage on the company, engaged in providing electronics manufacturing services (EMS). But, the sector looked interesting from a long-term point of view," Gaurang Shah, Senior VP at Geojit Financial, told Business Today.

The counter saw high trading volume on BSE as around 1.20 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 31,000 shares. Turnover on the counter came at Rs 48.84 crore, commanding a market capitalisation (m-cap) of Rs 26,944.05 crore.

On technical setup, the counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 42.80. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock has a price-to-equity (P/E) ratio of 135.94 against a price-to-book (P/B) value of 10.64. Earnings per share (EPS) stood at 31.06 with a return on equity (RoE) of 7.82. Promoters held a 57.75 per cent stake in the company, BSE data showed.