On 3 December 2025, the Indian stock market witnessed a corporate drama that would dominate headlines for days. Kotak Securities released a detailed report questioning the financial reporting practices of Kaynes Technology India Ltd (Kaynes)—a fast-growing electronics manufacturer that had become a market darling since its 2022 initial public offering (IPO). Kaynes' explosive growth story proves its status with 6.5 times increase in revenue from ₹420 crore in FY20-21 to ₹2,722 crore in FY24-25. The report alleged that the electronics manufacturer had employed aggressive accounting practices to artificially inflate its profits in the FY24-25 annual report. Following the release of the report, its stock price went down by around 30%, before bouncing back on Tuesday by almost 14%. The accusa

See Full Page