Kaynes Tech Shares Plunge Over 6%, Erasing ₹1,700 Cr Market Cap

• Kaynes Tech shares fell over 6% on Tuesday, January 6, losing over ₹1,700 crore in market capitalization.
• This marked the biggest single-day drop in nearly a month, with no significant company announcement to explain the decline.
• Brokerage Jefferies maintained a 'buy' rating but cut its price target to ₹5,940 from ₹7,780, still implying 55% upside.
• Trading volumes were significantly below the 20-day average before the sharp fall, indicating reduced activity.
• CFO Jairam Sampath previously highlighted the value of the Mitsui deal and hinted at a potential dividend next year.

Why It Matters: Kaynes Tech shares plummeted over 6% despite a 'buy' rating from Jefferies, hitting a 52-week low.