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After a huge fall in IndusInd Bank on Tuesday, a sharp recovery is also being seen on the next day or Wednesday. But, today there is another stock in which heavy selling is being seen. This stock is of Kaynes Technology, which was seen trading at Rs 3,893.85 per share after a fall of about 10% on Wednesday. Market regulator SEBI has issued a show cause notice to the company's managing director Ramesh Kunhikannan for alleged violation of insider trading rules.
In an official disclosure, SEBI has cited concerns about the maintenance of a structured digital database (SDD) for financial results for the period ended March 31, 2023. The alleged violations are related to the Prohibition of Insider Trading (PIT) Regulations, 2015.
What did the company say on SEBI's notice?
Kaynes Technology has said that it is reviewing the notice and is committed to fully cooperate with SEBI to resolve the matter in compliance with legal and regulatory requirements. It will take all necessary legal and procedural steps, including a formal response to SEBI. What is the opinion of brokerage firms on the stock? Global brokerage firm Jefferies has upgraded Kaynes Technology India from 'Hold' to 'Buy' rating. But, the brokerage firm has reduced the target price on the stock from ₹ 6,950 to ₹ 5,400 per share. Meanwhile, Japanese brokerage firm Nomura has maintained its 'Buy' rating and reduced the target price for Kaynes Technology India from ₹6,516 to ₹6,146 per share. Kaynes Technology Share Performance Talking about the performance of this stock, it has seen a growth of 42% in the last 1 year. At the same time, a huge decline of 43% has been seen so far this year. This stock is up 7% in the last 6 months. The 52-week high of this stock is Rs 7,822 per share and the 52-week low is Rs 2,424 per share.
