Kalyan Jewelers share: Kalyan Jewelers shares saw a huge fall of up to 8 percent today on January 21. At present this stock is trading at Rs 492.40, down 7.30 percent on BSE. Actually, shares of Kalyan Jewelers have been in focus for some time due to rumors on social media. It was being claimed that the fund managers of Motilal Oswal AMC had allegedly manipulated the shares of Kalyan Jewelers and were paid bribes for the investments. However, both Motilal Oswal AMC and Kalyan Jewelers have denied these claims.
Both companies gave clarification, yet shares fell
After the clean up of Motilal Oswal AMC, there was some recovery in the shares of Kalyan Jewelers on January 20. However, today once again heavy selling in its shares has started.
Kalyan Jewelers officially responded to these allegations during its earnings conference call held on January 14. The company clarified that contrary to claims made in some viral media posts, there have been no income tax raids at its office. Additionally, the company termed the allegations of bribery as “absurd”.
Moreover, there were also rumors that Motilal Oswal AMC has fired some fund managers over this alleged matter. But, AMC rejected these claims outright and termed them as “baseless, malicious and defamatory”.
Despite a clear response from both the companies, rumors spreading on social media created panic in the market. Let us tell you that the shares of the company have fallen by about 38 percent in the last few days.
Kalyan Jewelers shares in focus before budget
Kalyan Jewelers shares are in focus ahead of the 2025 Budget session, in which an increase in the mandatory custom duty on gold is expected. Increase in custom duty on gold may increase its prices, which will directly impact the jewelery industry and especially major brands like Kalyan Jewellers. Investors are keeping an eye on this issue, as this decision can affect not only the demand for gold but also the costs and profits of jewelery companies.
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