Kaynes Technology shares tumbled nearly 10% on Wednesday, reversing Tuesdays relief rally, after Kotak Institutional Equities slashed its target price by 33% and warned of unresolved concerns around intangible accounting, elevated working capital and negative cash flows. While some fund managers say valuations have improved after the stocks 26% weekly slide, they caution that volatility will remain high until governance clarity, delivery data and operating momentum stabilise.

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