Kalyan jewellers shares: The decline in shares of Kalyan Jewelers continued today on 27 January. During the trading, the share price fell 6 per cent and to a low of Rs 433.20. This is the sixth consecutive day when the stock is seen to decline. At the same time, out of the last 10 days, it has been in red mark 9 days. With today’s decline, Kalyan Jewelers’ stock has now come down 27 percent in the last 10 days. At the same time, since the beginning of this month, the stock has fallen by about 45 percent.
On the technical chart, Kalyan Jewelers’ shares still remain in the ‘oversold’ zone. Its relative strength index (RSI) is currently at 22.5 points. The RSI below 30 indicates any share to enter the oversold zone.
Kalyan Jewelers’ market captivity was Rs 82,000 crore on January 2 earlier this month. But now it has come down to only Rs 45,527 crore. In just two weeks, the company has seen a decline of over Rs 36,000 crore in its market value.
Meanwhile, in a conversation with our colleague CNBCTV18, the executive director of Kalyan Jewelers, Ramesh Kalyanraman, has advised investors to move beyond short-term fluctuations and make a long-term perspective. He said, “It is important to focus on long term updates by ignoring a few days of fluctuations.” He also said that, “In the last two and a half years, Kalyan Jewelers have consistently performed strong. The short-term fall in the stock market may be responsible for profits, corrections or macroeconomic reasons.”
Kalyan Jewelers will release results on 30 December
Kalyan Jewelers’ shares have seen a decline since the December quarter business update earlier this month. Market analysts say that profits from investors and the current market conditions have deepened this decline. The company said it will release the results of the December quarter on 30 January.
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