Kaynes Tech Shares Drop, Management Clarifies Amidst Worst Week; JPMorgan Advises Caution

• Kaynes Technology shares fell significantly, marking their worst week since listing, despite a 455% return over four years.
• Management clarified that the Sensonic acquisition involved no intangible assets, financial reporting is accurate, and a minor typo in subsidiary documents is being corrected.
• The company addressed concerns about increased working capital days, stating it's common in EMS, and plans to reduce reliance on smart meters.
• Management denied most claims in a recent Kotak report and confirmed no plans for promoter stake reduction.
• JPMorgan maintains an "overweight" rating but advises against "bottom fishing" as the stock is currently under an F&O ban.

Why It Matters: Financial reporting concerns led to a stock crash, impacting investor confidence.