Stocks of Kaynes Technology took a beating in trade on Friday after news reports emerged of the CEO quitting the organization. The CEO Rajesh Sharma was reported as having made a candid confession published in a filing to the exchange houses.
The filing quoted Rajesh as saying, "I believe it is time for me to embark on a new professional journey to take up another exciting and challenging assignment."
This exchange notification seemed to have struck an emotional chord with investors and many of them resorted to panic selling. Shares slipped immediately by a margin of ₹400 per shar eon both the Bombay Stock Exchange and National Stock Exchange.
Turnovers on Friday saw volumes twenty times more than what had been observed on average in the last two weeks - indicating a literal blood-bath.
On BSE, the turnover as of the time of reporting this story was ₹67.15 crores although bulk of volumes could be observed on NSE counters - more than 11 lakh shares exchanging hands resulting in a trading volume of ₹ 782.51 crores.
Kaynes Technology during its IPO in November 2022 was available at a price of ₹ 587 to ₹ 559. On listing date, the stock touched ₹ 745.15 per share and had consistently delivered returns for investors until the stock plunged in Jan 2025. Around the new year of 2025, the company management announced a ₹ 1,600 crore buyback. The market interest for tech stocks had cascaded what with peers such as Dixon technologies posting a decline. This caused fear among investors of Kaynes too.
However the stock gained what it had lost and was trading back to its high levels. Later on, the company leadership informed media outlets that a replacement to Rajesh Sharma has been identified and will soon take over from November 1, 2025. The identity of the new CEO is yet to be announced, but the company is expected to make an announcement soon.
