Mumbai-based asset manager Motilal Oswal Asset Management Company (MOAMC) on Sunday issued a clarification on its investments in jewellery maker Kalyan Jewellers.
The fund house denied the allegation over its fund managers being involved in a bribery scheme to stock up on the shares of Kalyan Jewellers, terming it “baseless, malicious, and defamatory allegations circulating on social media.”
“We categorically deny the baseless, malicious, and defamatory allegations circulating on social media against MOAMC and its officials. These baseless accusations are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades,” said Motilal Oswal in the official statement.
The fund house also said that these attacks on the company's integrity are completely unacceptable. “Such baseless attacks on our integrity are completely unacceptable to us. Motilal Oswal Financial Services (MOFSL) has a legacy of nearly four decades of working with ethical practices and transparency.”
The company urged shareholders “not to believe these baseless and unethical attempts to spread misinformation,” assuring them that the AMC will take all necessary measures to protect its reputation and its trust and confidence from investors.
Following Motilal Oswal's clarification, Kalyan Jewellers shares are likely to be in focus in Monday's stock market trading.
Kalyan Jewellers India Limited shares closed 6.93 percent lower at ₹501.65 after Friday's market session, compared to ₹539 at the previous market close.
The company's stock hit its 52-week high at ₹794.60 on January 2, while the 52-week low level was at ₹322.05 on February 1, 2024. Kalyan Jeweller's market capitalisation stands at over 50,000 crore as of the market close on January 17.
The company's stock has given investors more than 560 percent returns in the last five years, and over 37 percent returns in the past year. Year-to-date (YTD), the shares have lost 35 percent in 2025.
(By arrangement with livemint.com)
