The clarification issued by Motilal Oswal AMC on its investments in Kalyan Jewellers has facilitated the jeweller to recoup from its falling share prices that registered 7 per cent rise on Monday. The company’s shares are now trading at ₹535 on the BSE.

Motilal Oswal in a statement has categorically denied the allegations in social media pertaining to a bribery issue on pushing the shares of Kalyan Jewellers and said that it is “baseless, malicious and defamatory allegations”.  

“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”, Motilal Oswal AMC said.

The asset manager also requested the investors not to believe these “baseless and unethical attempts to spread misinformation.”

Kalyan Jewellers also clarified in its earning calls last week that there were no IT raids in its office premises and dismissed the bribery allegations.

The company in Q3 FY25 update to the exchanges informed revenue growth of approximately 41 per cent year on year rise, thanks to the festive and wedding demand for gold and studded jewellery categories.

Akshay Agarwal, Managing Director of Acumen Capital Markets said that the share price of Kalyan Jewellers has faced a very sharp decline of around 35 per cent, placing the company among the midcap stocks that have recently suffered significant losses. Most companies that had run up significantly have seen an equally sharp correction and this seems to be happening to Kalyan also. “With growth rates expected to continue doing well, we expect that the major correction in the price is over and the company could outperform the market in the times to come”, he said.