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Gold at record highs but this stock is near its 52-week low
Subscribe to enjoy similar stories. In 2024, gold delivered 20% gain compared with the Nifty's 8.7% gain. In 2025, the upward momentum continued with gold rising 78% while the Nifty was 10.5%.
Gold price has moved sharply since February 2024 from 64,000 per 10 gm to ₹168,000 currently, a gain of about 162% in two years. That's a compounded annualised growth rate (CAGR) of 62%. But one stock has been a disappointment for investors over the last few years: Kalyan Jewellers.
After a stellar run-up in the 2022-2024 period, the stock has languished. It peaked along with the Nifty back in September 2024 and significantly underperformed the market since. A long-term chart of the stock price makes that clear.
So, what explains the decline in the share price? Let’s find out… The major reason for the decline in the stock price is the company's reputation, which has taken a beating on Dalal Street. Kalyan Jewellers has been the subject of various market speculations, including rumours about the purchase of an aircraft, alleged income tax raids, inventory overvaluation, and gold purity. Allegations have circulated on social media about misconduct by fund managers at Motilal Oswal Asset Management Company (AMC) regarding Kalyan Jewellers' shares.
Both the company and the AMC have dismissed these allegations. The promoters, including T.S. Kalyanaraman and Ramesh Trikkur Kalyanaraman, have pledged substantial portions of their shareholdings to secure loan facilities.
All this has raised concerns among investors about corporate governance. The company has dismissed the allegations. The management has said that no I-T raids have been conducted and called the allegation of bribing fund managers to influence the stock price 'absurd'.
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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Secured credit cards: Unlocking credit and building a credit score for millions
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