Kalyan Jewellers' share price tumbles 14% on Wednesday, January 21; what you need to know

The stock was in the deep red amid news reports that some mutual funds have trimmed their stake in the December quarter (Q3 FY26).

The stock slipped as much as 13.8% to an intraday low of ₹389.10 on the NSE.

Meanwhile, the Government of Singapore has marginally reduced its stake over the past 12 months to 1.75% from 2.01%.

Shares of the company have been on a falling spree. Data show that the stock has declined nearly 25.7% from the closing level of ₹520.75 on January 7, 2026, to today's low of ₹389.10 on the NSE.

"The pledge of shares reflecting against the promoter name...was to acquire shares from Warburg Pincus. And one thing which we can say is that before entering into the promoter financing agreement, we have given enough attention to liquidity and pledger levels and have controlled our exposure accordingly," said Ramesh Kalyanaraman, promoter and executive director of the company, during an analyst call on Tuesday, as reported by PTI.

The company's management further refuted the rumours of bribing fund managers, terming the allegations as absurd.

'We have always conducted our business, and our interactions with all stakeholders are with a very high level of integrity and transparency,' added Kalyanaraman.

Kalyan Jewellers Q3 update

The company reported a 42% year-on-year (YoY) rise in consolidated revenue for the third quarter of fiscal 2025-26 (Q3 FY26), driven by strong festive demand and expansion.

The company posted a revenue of ₹7,318.19 crore in the December quarter of 2024-25, up 40% from the year-ago period.

India operations recorded 27% same-store sales growth during the third quarter of 2025-26 from a year ago, the company said in a statement.

"Demand during the period after Diwali also continued to remain robust despite volatility in gold prices," it said.