Mumbai: Shares of Kalyan Jewellers fell sharply in Thursday’s trade, hitting a 19-month low of ₹373.30 amid heavy trading volumes. The stock declined 6% intraday on the BSE, extending its losses over the past two days to a total of 17%.
The jewellery company’s stock has now been declining for ten consecutive trading days, during which it has shed approximately 28%. Currently, the stock trades at its lowest level since June 5, 2024, and has fallen 40% from its 52-week high of ₹617.30 reached on July 24, 2025.
As of 2:15 PM, Kalyan Jewellers was quoting at ₹376.35, down 5%, even as the BSE Sensex saw a modest 0.05% rise. Trading volumes have nearly doubled, with approximately 13.96 million shares exchanged across NSE and BSE—representing about 1.4% of the company’s total equity.
Why Is the Stock Down for the 10th Straight Day?
The stock has faced relentless selling pressure, with a 17% decline over the past two days alone. The ongoing decline marks the tenth consecutive day of decline, highlighting a strong bearish momentum. Past data shows the stock has also fallen sharply earlier in January, dropping 27% between January 2 and 13, 2025, and a cumulative 45% decline from January 2 to 27, 2025.
According to Axis Securities, Kalyan Jewellers experienced a significant liquidation, with a 12.2% decline driven by a 7.7% spike in open interest, indicating a surge in short positions following a technical breakdown. The fall in the put-call ratio to 0.47, coupled with 11,040 new call contracts, signals a dominant bearish sentiment as investors hedge against further downside amid unconfirmed institutional exits.
Technical analysts note that the stock has broken below all key moving averages (20, 50, 100, and 200 EMA), confirming a well-established downtrend. “The EMAs are stacked bearishly and sloping downward, indicating continued selling pressure,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking. The recent large bearish candle with expanded volume suggests panic selling and aggressive unwinding, with no immediate fundamental triggers driving the decline.
Potential for Further Decline
Market experts warn that if the stock sustains a move below the ₹390–₹380 zone, it could open the door to further downside. The stock has broken below its previous consolidation range near ₹440–₹450, which now acts as a strong overhead supply zone. As long as the price remains below this level, the broader trend remains bearish, and any bounce should be viewed as a correction rather than a trend reversal, analysts said.
