Kaynes Technology India shares declined as much as 4.27% on Monday to hit an intraday low of Rs 3,132, marking the third consecutive session of losses and taking the stock’s three-day decline to nearly 25%, after the company reported a weaker-than-expected Q4 performance last week. Brokerage firm Elara Securities also downgraded its rating on the company to “Accumulate” from “Buy”.
The company reported a consolidated net profit of Rs 91 crore for the March quarter, down 22% year-on-year from Rs 116 crore in the corresponding period last year. Revenue from operations, however, rose 26% YoY to Rs 1,243 crore compared with Rs 984 crore a year earlier.
