Shares of Kaynes Technology crashed as much as 19.4% to Rs 3,366 apiece on the BSE on Thursday after the electronics manufacturing company's Q4 results delivered a triple blow of revenue guidance miss, deteriorating balance sheet metrics, and a sharp decline in profit, prompting at least two brokerages to cut their ratings on the stock.
JPMorgan downgraded the stock to Neutral from Overweight and slashed its target price to Rs 4,000, while Nuvama downgraded to Hold and cut its target price to Rs 3,550 from Rs 5,500, a reduction of nearly 36%. Morgan Stanley maintained its Equal-weight rating with a target of Rs 3,663. CLSA retained Outperform with a Rs 4,200 target but acknowledged the results were a clear negative.
