 "KPIT shares plunge 12.5% after JPMorgan report takes 'underweight' call")
Shares of automotive engineering firm KPIT Technologies plunged 12.5 per cent on Monday after JPMorgan initiated coverage with an 'underweight' call.
The brokerage has assigned a target price of Rs 520, or 36 per cent lower that KPIT’s last closing price of Rs 810.
Lower structural margins, risks from single vertical, high client concentration and excessive valuations are some of the concerns highlighted by the brokerage.
The brokerage has assigned a target price of Rs 520, or 36 per cent lower that KPIT’s last closing price of Rs 810.
Lower structural margins, risks from single vertical, high client concentration and excessive valuations are some of the concerns highlighted by the brokerage.