Mon Jan 20 10:55:16 UTC 2025: ## Kalyan Jewellers Stock Soars After Motilal Oswal Denies Bribery Allegations

**MUMBAI, INDIA – January 20, 2025** – Kalyan Jewellers’ stock experienced a dramatic 9.5% intraday surge today, rebounding sharply after a period of significant losses. The stock had plummeted nearly 37% year-to-date, wiping out over 30% of investor wealth in the past month alone, following a 500%+ surge over the previous two years.

The rally follows a statement issued yesterday by Motilal Oswal Financial Services, vehemently denying social media allegations of bribery involving its investment in Kalyan Jewellers. The brokerage firm called the claims “baseless, malicious, and defamatory,” asserting that they were a deliberate attempt to damage its reputation.

The recent downturn had coincided with the NSE and BSE imposing a trading ban on fresh futures and options contracts for Kalyan Jewellers after open interest approached the maximum allowed limit. This occurred despite the company reporting strong Q3 FY25 India business revenue growth of approximately 41% year-on-year, driven by robust festive and wedding demand. While the company’s Q3 FY25 net profit saw a slight year-on-year dip to Rs 130 crore (from Rs 134.8 crore), revenue soared by 237% to Rs 6,065 crore.

Kalyan Jewellers is scheduled to release its full Q3 FY25 earnings on January 30, 2025. The company’s market capitalization had fallen from approximately Rs 82,000 crore at the start of the year to around Rs 52,000 crore by January 17th, before today’s recovery. The stock’s performance contrasts with the Nifty 50 index, which fell 1.6% over the past five trading days. Despite today’s gains, Kalyan Jewellers’ stock remains down over 16% in the past five days and 5% in the last six months.

**(Note: Information about Samsung’s Galaxy S25 launch has been excluded as it is unrelated to the Kalyan Jewellers story.)**

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