Dixon Tech, Amber Enterprises, and peers follow Kaynes sell-off; Fall up to 9%

Shares of EMS companies Dixon Technologies Ltd., Amber Enterprises Ltd., PG Electroplast Ltd. have followed the sell-off in Kaynes Technologies, declining up to 7.5% on Wednesday, December 10.

Shares of Dixon Tech are down over 9% on Wednesday, marking their biggest single-day fall since January this year. The stock is also jumping on strong volumes, with over 6.3 lakh shares changing hands compared to their 20-day average of 1.9 lakh shares.

Dixon Tech's shares have also declined in nine out of the last 10 trading sessions.

Shares of Amber Enterprises, which were trading with gains in the early parts of Wednesday's session, have also given up their gains and are trading 2.5% lower. The stock has declined in seven out of the last eight trading sessions.

PG Electroplast shares have been very volatile since the company cut its guidance at the end of its first quarter results. The stock has declined in three out of the last four trading sessions.

The sell-off follows another 10% decline in shares of Kaynes Technology,

as the stock exited the F&O ban in today's session. Brokerages like Nomura, which had one of the highest price targets on the street for Kaynes, at over ₹8,400, trimmed that down to just over ₹5,400, while Kotak Institutional Equities, whose report on Friday triggered the sell-off in Kaynes, also cut its price target to just above ₹4,100 from over ₹6,000 earlier.

Shares of Dixon Technologies are down 35% from their 52-week high of ₹19,148, while those of Kaynes have halved from its 52-week high of ₹7,822. Shares of Amber Enterprises are down 25% from their 52-week high of ₹8,626, while those of PG Electroplast have also declined 50% from their recent 52-week high of ₹1,054.