KPIT shares drop 15% following reduced tech budgets from BMW and VW
Shares of KPIT Technologies tumbled more than 15% after the firm announced lower-than-anticipated growth, driven by reduced spending from major European car manufacturers like Volkswagen and BMW. Following the news, JPMorgan lowered the stock's rating to 'Underweight.' The firm highlighted concerns regarding customer concentration and cautioned that the company might face a second straight year of organic revenue contraction in FY27.
by shortkt.com✓