Kaynes Technology India fell 2.08% to Rs 4,216.10 after the firm said that its managing director (MD), Ramesh Kunhikannan, received show cause notice (SCN) from Securities and Exchange Board of India (SEBI) for violating regulations.
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 that it is currently reviewing the contents of the notice and will take all appropriate legal and procedural steps, including providing a timely response to the SEBI.
Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India, having capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) services.
The company reported 47.1% increase in consolidated net profit to Rs 66.46 crore in Q3 FY25 as compared with Rs 45.19 crore in Q3 FY24. Net sales jumped 29.8% YoY to Rs 661.8 crore during the quarter.
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