Kalyan Jewellers fell after reports of a potential 5 crore-share block deal.
The proposed stake sale could reportedly happen at an 8-10% discount.
The stock has rallied more than 50% over the past month.
Kalyan Jewellers Shares Drop; MF Likely To Offload 5 Cr Shares Via Block Deal
A domestic mutual fund is reportedly looking to partially trim its holding after the stock rallied more than 50% in the past month, with the proposed block deal likely at an 8-10% discount
Kalyan Jewellers Shares Drop; Mutual Fund Likely To Offload 5 Cr Shares Via Block Deal
Summary
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Shares of Kalyan Jewellers India traded lower on Monday after a report said a prominent domestic mutual fund is likely to offload around 5 crore shares in the jewellery retailer through a block deal at an 8-10% discount.
At around 12:47 p.m., Kalyan Jewellers shares were trading 1.58% lower at ₹567 apiece.
NDTV Profit reported that the mutual fund is looking to partially reduce its holding following the sharp rally in Kalyan Jewellers shares. The report did not identify the mutual fund planning the transaction and said two bankers have been appointed for the proposed deal.
As of June 30, 2026, Motilal Oswal Midcap Fund held a 9.17% stake, equivalent to around 9.5 crore shares, in Kalyan Jewellers.
The reported stake sale comes after Kalyan Jewellers shares gained more than 50% over the past month. The company is scheduled to report its earnings on August 4.
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Kalyan Jewellers' recent rally gained momentum after Citigroup earlier this month reiterated its Buy rating on the stock and maintained a target price of ₹750 per share.
The brokerage acknowledged that the company's June-quarter consolidated revenue growth of 38% year-on-year came below its estimates but said the performance did not alter its constructive long-term view.
Citi expects Kalyan Jewellers' franchise-led expansion strategy to support profitable growth and improve return on capital employed (RoCE). It also highlighted the strong momentum in Candere, the company's digital-first jewellery business, as a key long-term growth driver.
June Quarter Revenue Grows 38%
In its June-quarter business update, Kalyan Jewellers reported 38% growth in its India business, supported by same-store sales growth of 28%.
The company's international business expanded around 35% year-on-year, while its West Asia operations grew about 30%. International markets accounted for approximately 14% of consolidated revenue during the quarter.
Candere emerged as the standout performer, with revenue surging 112% year-on-year.
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Kalyan Jewellers added 12 Kalyan showrooms and five Candere stores during the quarter, taking its total showroom network to 524 outlets as of June 30.
Management had said the second quarter began on a positive note as the company headed into the festive and wedding season.