KPIT Tech shares fall nearly 10% marking worst single-day drop in nearly a year

Shares of KPIT Technologies Ltd. fell as much as 10% on Tuesday, September 30, marking their worst single-day fall in the last 12 months. The last instance of the stock witnessing such a fall was back in October 2024, when it had declined over 14%.

The stock has now declined in seven out of the last eight trading sessions, during which it has corrected close to 20%.

Volumes on the stock have also seen a big spike in the last few minutes of the trading session. As of 2:45 PM, as many as 23 lakh shares of the stock have changed hands, compared to the 20-day average of 7 lakh shares.

With this fall, KPIT Tech shares have now turned negative for September, and have now declined for four consecutive months. The stock has delivered positive monthly returns only in March and May this year.

The stock, on a year-to-date basis, is now down 23%, which makes it the worst year that the stock has had so far since its listing in 2019.

The stock has also slipped into "oversold" territory on the charts, with the Relative Strength Index (RSI) declining to levels of 29. An RSI below 30 indicates that the stock is "oversold."

India's domestic mutual funds have a 14% stake in KPIT Tech at the end of the June quarter, prominent among them being Motilal Oswal Nifty Midcap 100 ETF (1.73%), Mirae Asset Large and Midcap Fund (2.74%), HSBC Conservative Hybrid Fund (1.02%), Canara Robeco MF (3.03%), and DSP MF (1.15%).

Life Insurance Corporation of India, ICICI Prudential Life Insurance and HDFC Life Insurance also have stake between 1.25% to 1.7% in KPIT Technologies, while the Massachusetts Institute of Technology has a 3.11% stake.

Shares of KPIT Tech are now trading 9.5% lower at ₹1,095.5.