KPIT Technologies shares slump 15% on weak auto industry outlook

KPIT Technologies shares plummeted 15% to an intra-day low of Rs 1,393.45 on management commentary about the weak outlook for the automobile industry.

The company’s management pointed out that the automobile industry is under pressure due to regulatory changes and other things. Kishor Patil, Co-founder and CEO of KPIT Technologies said, “The Mobility Industry, specifically the Automotive sub-vertical, has been under pressure to keep up with the changing regulations, reduce the cost of vehicles, and meet demands of the ever-changing consumer preferences in recent times.