Kalyan Jewellers Stock Jumps 7% Amid Rumor Clarifications

Kalyan Jewellers' stock experienced a significant jump of over 7% on Monday after asset management firm Motilal Oswal AMC addressed circulating social media rumors regarding its investments in the jewellery company. Shares of Kalyan Jewellers climbed as much as 7.52% to reach ₹539.40 per share on the BSE.

As of 9:20 AM, the stock was trading 4.21% higher at ₹522.75 per share on the BSE.

In response to the allegations, Motilal Oswal Asset Management Company (AMC) issued a statement on Sunday, dismissing claims that its fund managers were involved in a bribery scheme related to Kalyan Jewellers shares. The company labeled these accusations as “baseless, malicious, and defamatory.”

“We completely refute the baseless, malicious, and defamatory allegations circulating on social media against MOAMC and its officials. These false claims are an attempt by certain individuals with vested interests to tarnish the reputation our firm and leadership have built over the years,” the statement read.

The asset manager also urged investors and stakeholders to disregard the misleading information.

“We encourage all stakeholders to rely on verified and credible sources. We assure our investors, distributors, shareholders, and other stakeholders that we adhere to the highest compliance standards and have full confidence in our systems, processes, and fund managers,” the company added.

Understanding the Kalyan Jewellers Bribery Allegations

Recently, social media has been rife with speculation that fund managers at Motilal Oswal AMC were involved in unethical practices concerning Kalyan Jewellers shares. Some reports even suggested that the fund house had terminated a few fund managers over the issue.

During an earnings call on January 14, Kalyan Jewellers addressed these claims, clarifying that no IT raids had taken place at its premises and calling the bribery allegations “absurd.”

Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, reaffirmed the company’s commitment to integrity and transparency in all its dealings.

“There have been no raids at any of our locations. It was merely a rumor. Our inventory levels, as disclosed in our financial statements, undergo multiple levels of audits. Over the past 18 months, we have repaid approximately ₹450 crore in debt, in addition to a ₹170 crore dividend payout,” Kalyanaraman stated.

Decline in Kalyan Jewellers Stock Price

Despite the company’s clarifications, Kalyan Jewellers’ stock has faced a sharp decline since the beginning of 2025. The share price has dropped 20% over the past week and over 35% this month amid continued selling pressure.

The stock reached an all-time high of ₹794.60 per share on January 2, 2025. However, it has since corrected by 36.86%, despite Kalyan Jewellers' firm denial of IT raid rumors and bribery allegations involving fund managers.