Kaynes Technology Shares Fall 6.5% Amid Sectoral Sell-off and Jefferies’ Target Cut

Kaynes Technology India witnessed sharp selling pressure, with its shares plunging 6.5% to ₹3,736.10—its steepest single-day drop in nearly a month—ending a two-day rally and nearing its 52-week low of ₹3,711. Trading volumes were subdued at 8 lakh shares, well below the 20-day average of 36 lakh, suggesting limited participation ahead of the fall. The broader EMS sector also declined, with Dixon and Amber Enterprises falling 1–2%, indicating sector-wide caution. Despite the slide, Jefferies retained a 'Buy' rating but sharply cut its target price from ₹7,780 to ₹5,940, citing valuation reassessment—still implying 55% upside from current levels. CFO Jairam Sampath recently highlighted confidence in long-term growth, citing value from the Mitsui partnership, reduced reliance on smart metering, and potential dividend payouts next year as confidence builders. With 14 of 26 analysts still rating it a ‘Buy’, sentiment remains divided. The stock’s volatility reflects investor scrutiny over near-term execution amid elevated valuations and shifting business mix.