Tue Jan 21 08:34:36 UTC 2025: ## Kalyan Jewellers Stock Plummets Amidst Denials of IT Raids and Bribery Allegations

**MUMBAI, INDIA – January [Date]** – Kalyan Jewellers India Ltd. shares took a significant dive on Tuesday, falling 5.67% to Rs 501, marking a 36.94% drop from its recent high of Rs 794.60. The decline follows a single-day trading halt and comes despite the company’s strong denial of allegations of IT raids and bribery.

Promoters Ramesh and Seetharam Trikkur Kalyanaraman increased their pledged shareholdings by 1.65% and 1.85% respectively, though the company offered no explanation for this action. The company’s executive director, Ramesh Kalyanaraman, vehemently dismissed rumors of IT raids and bribery allegations as “absurd,” emphasizing the company’s commitment to transparency and integrity. He also highlighted recent debt repayment of approximately Rs 450 crore over the past 18 months, along with a Rs 170 crore dividend payout. Kalyanaraman also denied rumors of the company purchasing an aircraft.

Despite the company’s denials, the stock has performed poorly this year, trading lower in 11 out of the past 15 sessions. This negative trend has prompted several analysts, including those from Religare Broking, StoxBox, Angel Broking, and independent market expert Raghvendra Singh, to advise investors to avoid or sell Kalyan Jewellers stock in the near term.

Kalyan Jewellers is scheduled to release its third-quarter (Q3 FY25) results on January 30th. The company’s promoters currently hold a 62.85% stake.

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