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KPIT Tech shares plunge 5% as JPMorgan sees 44% potential downside ahead

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Shares of KPIT Technologies took a beating, falling over 5 per cent in Monday's trade

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Monday's trade as foreign brokerage JPMorgan initiated coverage on the stock

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stock with an 'underweight' rating and a 12-month target of Rs 520,

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which suggested a potential 43.78 per cent

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downside on the counter based on Friday's closing price.

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This is against the average target price of Rs 794 based on 11 analyst estimates,

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as per publicly available data with Trendlyne.

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JPMorgan said the key derating catalysts for KPIT