Kaynes Technology Shares Falls 9% Following SEBI’s Show-Cause Notice – News18
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Kaynes Technology India’s shares fell 9 percent intraday after a show-cause notice to MD Ramesh Kunhikannan for regulatory violations. Shares later recovered to Rs 4245 apiece, down 1.41 percent.
Kaynes Technology Share Price Falls 9%.
Kaynes Technology Share Price: Shares of Kaynes Technology India witnessed a sharp selloff in the morning intraday on Wednesday, falling 9 per cent to hit a low of Rs 3,898 apiece. The fall came following the show-cause notice to the company’s Managing Director Ramesh Kunhikannan in violation to the regulator’s guidelines.
The shares of Kaynes Technology India, however, recovered around noon to trade at Rs 4245 apiece with a drop of -1.41 per cent.
Kaynes Technology India is an end-to-end and IoT solutions-enabled integrated electronics manufacturer in India. The current market cap of the company stands at Rs 27,172 crore, making it a constituent BSE 500.
SEBI Notice To Kaynes Technology’s MD
In the filing, Kaynes Technology India informed that Ramesh Kunhikannan, Managing Director (“Noticee”) of Kaynes Technology India Limited has received a Show-Cause Notice dated March 10, 2025 (“Notice”) from the Securities and Exchange Board of India (“SEBI”).
“The Notice alleges suspected violations in maintenance of Structured Digital Database (SDD) pertaining to financial results for the period ended March 31, 2023 as per Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015,” the company said in the filing.
In response to the notice, Kaynes Technology India said that they are currently reviewing the contents of the Notice and will take all appropriate legal and
procedural steps, including providing a timely response to the SEBI.
IT Stocks Enters Bear Market
On Wednesday, March 12, the Nifty IT index entered “bear market territory,” having corrected more than 20% from its all-time high in December last year.
All stocks within the Nifty IT index are currently in the red, with names like LTIMindtree and Mphasis seeing corrections of over 30% since December 13, 2024.
