Kaynes Tech plunges 10% amid disclosure concerns; brokerages cut targets

• Kaynes Technology shares dropped over 10% on December 10, continuing a selloff, after brokerages cut target prices.
• The decline was triggered by Kotak Institutional Equities raising concerns about inconsistencies in Kaynes Tech's related-party disclosures.
• Kaynes Tech admitted to an inadvertent disclosure shortfall regarding a related-party transaction with its subsidiary Iskraemeco in standalone FY24 financials.
• Brokerages like Nomura, Kotak, Prabhudas Lilladher, and Macquarie have issued varied ratings and target price adjustments for Kaynes Tech.
• JPMorgan maintains an 'Overweight' stance on Kaynes Tech, noting its shares are now the cheapest in their coverage after the sharp selloff.

Why It Matters: Kaynes Tech's disclosure lapses and reduced targets impact investor confidence and stock value.