Kaynes Tech shares fall another 5% after bearish analyst cuts price target further
Shares of Kaynes Technology Ltd. fell another 5% on Wednesday, December 10, after Kotak Institutional Equities and Nomura both cut their price targets on the stock after the recent sell-off.
While Nomura has cut its price target on Kaynes Tech to ₹5,454 from ₹8,478 earlier, but maintained its “buy” recommendation, Kotak has maintained its “reduce” rating and cut its price target on the stock to ₹4,150 from ₹6,180.
Nomura’s price target was among the highest on the street for Kaynes.
It was a Kotak note that had flagged off discrepancies in disclosures in Kaynes Tech, which had triggered a sharo sell-off in the stock across Friday and Monday, when the stock fell 12.5% each. The stock ended nearly 14% higher on Tuesday, and…
