Executive director Ramesh Kalyanaraman dismissed this as «very absurd» in the call on Tuesday. The stock dropped 7% on Wednesday to close at ₹554.90, extending its losing streak to the ninth straight day. The 32% drop in the share price in this period has eroded the market cap of Kalyan Jewellers by ₹24,000 crore to ₹57,234 crore at the Wednesday close.
The Kerala-based Kalyan Jewellers did not respond to queries.
During the analyst call on Tuesday, Kalyanaraman also dismissed speculation about the company's plans to buy an aircraft, income tax raids and inventory overvaluation.
He clarified that the company has no plans to purchase a plane and currently has a helicopter on its books. Kalyanaraman refuted talk of income tax raids and inventory overvaluation, reiterating the company's commitment to «operational transparency.»
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