Kaynes Technology shares fall over 30% in 5 days. Does your mutual fund hold it?

Shares of Kaynes Technology have tumbled nearly 31% in the last five days amid heightened investor concerns following a critical note by Kotak Equities, which flagged multiple inconsistencies in the company’s financial disclosures and related-party transactions.

According to the last available portfolio of October 2025, mutual funds had around 1.29 crore shares of this stock in their portfolios (Source: ACE MF). In September, mutual funds had 1.38 crore shares of this stock in their portfolio.

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Around 33 fund houses had this stock in their portfolio, of which four had over 10 lakh shares in their portfolio.

Motilal Oswal Mutual Fund had the highest number of shares of around 40.35 lakh in October compared to 39.12 lakh in September. The total market value of 40.35 lakh shares was Rs 2,705 crore.

Axis Mutual Fund and HSBC Mutual Fund had 20.97 lakh and 16.07 lakh shares, respectively, in their portfolio as of October 2025. Nippon India Mutual Fund had 15.02 lakh shares in its portfolio.

Kotak Mutual Fund and Mahindra Manulife Mutual Fund had 3.44 lakh and 3.42 lakh shares, respectively of Kaynes Technology. ICICI Prudential Mutual Fund as of October 31, 2025 had around 1.19 lakh shares in its portfolio worth a market value of Rs 79.86 crore.

Baroda BNP Mutual Fund and Aditya Birla Sun Life Mutual Fund had 1.05 lakh and 1.04 lakh shares respectively in October.

JioBlackRock Mutual Fund, which is a new entrant in the mutual fund industry, had 2,549 shares of Kaynes Technology in its portfolio worth a market value of Rs 1.71 crore.

DSP Mutual Fund had 900 shares in its portfolio, followed by Navi Mutual Fund which had 622 shares in its portfolio. Angel One Mutual Fund held around 143 shares of this stock in its portfolio.

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According to a report by ETMarkets, the stock’s recent plunge followed a critical report from Kotak Institutional Equities, which flagged multiple inconsistencies in Kaynes’ financial disclosures and related-party transactions. Discrepancies were noted between the filings of subsidiary Iskraemeco and those of Kaynes Technology and its unit, Kaynes Electronics Manufacturing.

Kotak highlighted missing inter-company transactions, including purchases of Rs 180 crore, payables of Rs 320 crore, and receivables of Rs 190 crore, which were absent from the parent company’s official filings. Additional concerns included the treatment of goodwill and intangibles, acquisition accounting, a stretched cash conversion cycle, a rise in contingent liabilities to Rs 520 crore, and borrowing cost discrepancies.