Whalesbook
Extended Sell-Off Hits Kalyan Jewellers
Shares of Kalyan Jewellers India Ltd. continued their steep decline, shedding 12.4% to trade at ₹396 on Wednesday. This marks the eighth consecutive session of losses, with the stock now down 22% during this extended losing streak. The selling pressure has been relentless, with the stock declining in 10 of the 13 trading sessions so far in 2026.
Promoter Stake and Pledged Shares
The current price action stands in stark contrast to a promoter stake acquisition in August 2024, when 2.36% of shares were bought from Warburg Pincus at ₹535 per share. The stock is trading significantly below this acquisition price. Compounding concerns, the percentage of pledged shares held by promoters has climbed to 24.89% as of December 2025, up from 19.32% a year prior.
Retail Investor Base Grows
Despite the significant stock depreciation, the number of retail shareholders has seen an increase. From 5.59 lakh shareholders at the end of December 2024, the count rose to 6.62 lakh by December 2025. This growth, representing an increase to 5.88% from 5.17% of total shareholders, occurred even as institutional investors like Motilal Oswal Midcap Fund reduced their holdings.
Mixed Institutional Moves
Some mutual funds have trimmed their exposure, with Motilal Oswal Midcap Fund notably lowering its stake to 6.3% in December 2025 from 9.05% in December 2024. Conversely, Sundaram Midcap Fund entered the shareholder register for the first time with a 1.02% stake by the end of the December quarter. The Government of Singapore also marginally increased its stake to 2.01% over the past year.