India's Kaynes Tech slips as JP Morgan warns against bottom fishing

Kaynes Technology India KAYN.NS slips 8.5% to eight-month low of 4,556.5 rupees; top loser on Nifty 500 .NIFTY500

J.P. Morgan warns against bottom fishing in integrated electronics manufacturer's stock

Earlier this week, Kotak Institutional Equities pointed to co's ambiguous goodwill recognition and inconsistent related party transactions, charges that KAYN has rejected

Stock down ~16% since the report

"Once a darling of the market, the stock is now facing balance sheet and cash flow concerns," says J.P. Morgan

Adds, company needs to deliver on cash flows in Q3, Q4 for sentiment to turn positive

Stock rated "buy" on average; median PT is 6,630 rupees, per data compiled by LSEG

YTD, KAYN falls 38.5%