Motilal Oswal Asset Management Company (AMC) has issued a strong rebuttal to rumours circulating on social media regarding its investments in Kalyan Jewellers. The allegations suggested that fund managers at Motilal Oswal AMC were bribed to increase holdings in the jewellery firm. In a statement released on Sunday, the AMC called the claims “baseless, malicious, and defamatory.”
“We categorically deny the baseless, malicious, and defamatory allegations circulating on social media against MOAMC and its officials. These baseless accusations are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades. Such baseless attacks on our integrity are completely unacceptable to us,” the statement read.
Kalyan Jewellers Denies Speculation Amid Stock Pressure
The leadership of Kalyan Jewellers, whose shares have faced consistent selling pressure over the past two weeks, previously denied these allegations during an analyst call last week. Motilal Oswal AMC echoed this stance, dismissing the claims as an attack on its integrity.
“We have consistently upheld the highest standards of integrity, compliance, and performance. Our track record of corporate governance and transparency spans nearly four decades,” the AMC stated, adding that no violations or malpractices, as alleged, had been reported.
Shares of Kalyan Jewellers Hit a 20-Week Low
Kalyan Jewellers India shares continued their downward trajectory on Monday, January 13, falling by 7% to Rs 584 apiece—hitting a 20-week low. This marks the seventh consecutive trading session of declines, during which the stock has lost 26% of its value.
The current sell-off is the longest since February 2022, when the stock fell over eight consecutive sessions. Analysts attribute the downturn to profit-booking after a stellar rally between March 2023 and December 2024, during which the stock gained an impressive 651%.
Strong Q3 FY25 Performance Despite Market Volatility
Despite recent market performance, Kalyan Jewellers reported robust financial results in its Q3 FY25 business update. The company achieved revenue growth of approximately 41% year-over-year, driven by strong festive and wedding demand across gold and studded jewellery categories.
Motilal Oswal AMC emphasised its commitment to maintaining ethical practices and transparency, reiterating its dedication to protecting its reputation. The AMC also urged market participants to refrain from spreading unfounded rumours. “We urge people not to believe these baseless and unethical attempts to spread misinformation.
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