Kalyan Jewellers, which had started 2025 on a strong note by reaching its all-time high on January 2, has seen a significant decline in stock value. The company’s stock dropped in 11 of the 15 sessions this year so far, despite strong performance in the previous months.

Promoters Ramesh Trikkur Kalyanaraman and Seetharam Trikkur Kalyanaraman raised their pledged holdings by 1.65% and 1.85%, respectively, in partnership with select financial institutions.
Pledging shares is often done by company promoters to secure loans, but it raises concerns about the company’s financial stability among investors.
Kalyan Jewellers faced rumors of IT raids and bribery allegations. In response, the company strongly denied these claims. Executive Director Ramesh Kalyanaraman called the bribery allegations “absurd” and clarified that no raids had taken place at any of the company’s premises.
The company also reported that it has repaid approximately Rs 450 crore in debt over the past 18 months, in addition to a Rs 170 crore dividend payout.
Despite this, at least four analysts have recommended avoiding the stock in the near term. Experts such as Raghvendra Singh, Ravi Singh, Kushal Gandhi, and Osho Krishan have advised investors to refrain from buying and to consider booking profits if they already hold Kalyan Jewellers shares.
The company is set to announce its third-quarter results on January 30, 2025. Currently, the promoters hold a 62.85% stake in Kalyan Jewellers, as per BSE data.
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