Kalyan Jewellers shares fell 7.63 per cent in early trade on January 21. This happened amid false speculations on social media that fund managers of Motilal Oswal AMC were involved in alleged malpractices against Kalyan Jewellers shares and were bribed to invest. Notably, the AMC and the jewellery company have issued clarifications and denied the claims.
The shares are currently trading at Rs 502.35; down 5.36 per cent.
Kalyan Jewellers officially responded to the allegations during the earnings conference call on January 14. It clarified that there has been no income tax raid on its offices, as reported in some viral media posts. It termed the bribery allegations as “absurd”.
There were also speculations about the alleged sacking of some fund managers at Motilal Oswal AMC over this alleged issue. The company too categorically denied these claims and termed them as “baseless, malicious and defamatory”. Kalyan Jewellers shares are in the news ahead of the much-awaited 2025 budget session, which is expected to hike the required customs duty on gold.
