Integrated electronics manufacturing company Kaynes Technology on Monday clarified that there was only one accounting error in its financial statements, calling it a “small typographical omission” in the notes on a related-party transaction in one subsidiary, which has been rectified. Kaynes called several report conclusions “factually incorrect”.

The clarification comes after the company’s shares plunged about 22.80 per cent in the past five days. On Monday, the shares slipped by 4.55 per cent (as on 10:44 am).

The disclosure has since been rectified and noted for future compliance, said Kaynes’ management. It added that there were no inconsistencies or ambiguities in its books, countering claims made in a recent Kotak Institutional Equities, BNP Paribas and Investec report.

The comp

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