Kaynes Technology India Ltd. said on Wednesday that it is not aware of any large institutional investor exiting the stock, even as shares have dropped more than 25% since early December after a brokerage report raised questions on the company’s financial disclosures.
The company’s shares continued to slide on Wednesday, falling 10% to Rs 3,947, extending losses that began after a Dec. 4 note from Kotak Institutional Equities flagged issues related to accounting treatment, cash flows and disclosures.
The sell-off followed scrutiny of Kaynes’ FY25 annual report, particularly around its smart metering acquisition, capital spending and related-party disclosures. The company has since issued multiple clarifications to exchanges and analysts, rejecting the allegations and maintaining that its reporting complies with accounting standards.
Executive Vice Chairman Ramesh Kunhikannan said the management has already addressed the concerns raised and remains focused on executing its business plans.
“We are concentrating on our job. Whatever concerns have been raised, we have already addressed,” Kunhikannan told NDTV profit in a televised interaction.
