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livemint.com / 4 months ago
livemint.com / 4 months ago
Beyond the Crash: Is Kalyan Jewellers underperformance a red flag?
Subscribe to enjoy similar stories. Kalyan Jewellers has had a rough start to 2026, with the stock sliding 17.5% this calendar year, lagging peers. On Wednesday, Kalyan Jewellers’ stock slid to its 52-week low of ₹390, plunging 12% and remaining deep in the red, while peers are up 0.4-4.5%.
Sky Gold and PC Jeweller have slipped too, but only marginally, by 0.4-1%. In the 2026 calendar year, PN Gadgil is down 9.6%, Sky Gold and Diamonds 2.6% and Senco Gold 2%, while Titan is marginally up 1%. PC Jeweller and Thangamayil Jewellery stand out on the upside, rising 11.2% and 16.4%, respectively.
Three people aware of market developments told Mint that the recent drop in Kalyan Jewellers’ stock price is likely linked to selling pressure from mutual funds, as some funds trimmed their holdings. This activity may have added to the volatility, even as the company’s fundamentals and quarterly performance pointed to strong growth. BSE data shows that Motilal Oswal Midcap Fund held a 9.04% stake in Kalyan Jewellers at the end of the December quarter, from a 7.5% stake as of the June quarter.
The government of Singapore’s holding fell to 1.75% from 2.15% in June, while Sundaram Midcap Fund, which previously held a 1% stake, no longer appears in the December data, indicating its holding either dropped below 1% or was fully exited. Kalyan Jewellers did not respond to Mint’s queries. Sunny Agrawal, head of fundamental research at SBI Securities, said, “The recent selloff in Kalyan Jewellers could be due to mutual fund reshuffling and oversupply".
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