Kalyan Jewellers share price extended its decline in early trade on Tuesday, continuing its downward trend after a brief respite in the previous session. Kalyan Jewellers shares declined as much as 3.4% to ₹513.05 apiece on the BSE.
Over the past 13 trading sessions, Kalyan Jewellers stock price has witnessed a sharp decline of over 34%, with losses recorded in 11 of these sessions.
The sell-off in Kalyan Jewellers shares began earlier this month, fueled by social media allegations suggesting misconduct involving fund managers at Motilal Oswal Asset Management Company (AMC) in relation to the jewellery company’s shares. Speculation also surfaced regarding the termination of certain fund managers at the AMC over the alleged issue.
In response to these allegations, Kalyan Jewellers India addressed the concerns during its earnings audio call on January 14, clarifying that no IT raids had been conducted on its premises and dismissing the bribery claims as “absurd.”
Motilal Oswal AMC also released a statement refuting the allegations, categorizing them as “baseless, malicious, and defamatory.” The asset management company reaffirmed the integrity of its investment processes and denied any misconduct by its fund managers.
Meanwhile, Kalyan Jewellers shares are also on investors’ radar ahead of the upcoming Union Budget 2025. Reports suggest that the government may hike the essential customs duty on gold. The move will impact the gold prices and increase the cost for jewellery makers.
Should you buy Kalyan Jewellers shares?
Advising Kalyan Jewellers shareholders to remain vigilant about the Budget 2025, Sugandha Sachdeva, Founder of SS WealthStreet, said the Government of India is likely to increase essential customs duty on gold to curb the surge in gold imports following last year’s unprecedented cut in import duties.
“If the government proceeds with the anticipated duty hike, gold prices are expected to rise in the short-term to account for the increased landed cost of gold. This scenario could benefit established jewellery brands like Kalyan Jewellers, as their buffer stock would allow them to capitalize on the price increase,” Sachdeva explained.
She added that market participants might start factoring this potential gold price benefit into the company’s stock valuation, especially given its capacity to absorb and profit from fluctuating gold prices.
On the technical front, Kalyan Jewellers share price rebounded on Monday from the oversold zone.
“Now, it is very important for the jewellery stock to sustain above its crucial ₹480 support and immediate ₹510 support. On the upper side, the stock is facing a strong hurdle at the ₹575 to ₹580 zone. If the stock gives a fresh breakout above ₹580 on a closing basis, then one can assume that Kalyan Jewellers’ shares have bottomed out after the long selling streak,” said Mahesh M Ojha, AVP — Research at Hensex Securities.
Kalyan Jewellers Stock Price Trend
Kalyan Jewellers share price has plunged 13% in one week and more than 33% this month so far amid persistent selling. The stock is down over 26% in three months and has risen 43% in one year.
Kalyan Jewellers stock price hit an all-time high of ₹794.60 apiece on January 2, 2025, and a 52-week low of ₹322.05 on February 01, 2024.
At 9:45 AM, Kalyan Jewellers shares were trading 2.60% lower at ₹517.35 apiece on the BSE.

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