Shares of Kaynes Technology India Ltd. has once again fallen in trade on Friday, extending losses incurred from Thursday's trading session.
The stock is currently trading at Rs 4,877, which accounts for cuts of up to 2%. The stock has fallen almost 34% on a year-to-date basis.
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The rapid fall in Kaynes Tech shares comes on the back of a Kotak Institutional Equities report that flagged concerns over the company's 'ambiguous' accounting practices.
The Kotak report had also highlighted strain on financial metrics for Kaynes Tech, including increasing working capital days and discrepancies in cash flow reporting.
What Does JPMorgan Say?
In light of pressure in the Kaynes Tech stock, JPMorgan has issued a note to its investors.
JPMorgan has sent a clear message to investors looking to buy the dip on Kaynes Technologies: Do not rush.
JPMorgan, despite retaining an 'overweight' rating and a bullish target price of Rs 7,550, advised against 'bottom fishing' at current levels.
JPMorgan further noted that while Kaynes Tech's fundamentals and guidance remain unchanged, it is negative sentiment that has led to immense selling pressure in the stock, thus making it difficult to predict where the stock will bottom out.
"We don't see a clear, strong catalyst from here till Q3 earnings," the firm wrote in its latest note. "Would advise investors not to bottom fish even as we remain Overweight," JPMorgan added.
Following the recent drawdowns, Kaynes Tech is trading with a relative strength index of just 27, which suggests the stock is currently in an oversold territory.
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