Shares of Kaynes Technology staged a recovery (gaining 7 per cent) on Tuesday after a steep and extended decline that saw the stock lose nearly 30 per cent over the past five trading sessions. The turnaround comes a day after the company issued a detailed clarification addressing concerns raised in recent analyst reports.

In its response, the integrated electronics manufacturing services (EMS) company stressed that the issues flagged were overstated and largely unfounded.

Kaynes Tech calls out report conclusions “factually incorrect”

Kaynes acknowledged only one error in its financial statements, described as a “small typographical omission” in the notes relating to a related-party transaction within a subsidiary. The discrepancy, the company said, has already been corrected and will

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