“These baseless allegations on social media are a deliberate attempt by vested interests to tarnish the good reputation our generation and leadership have built over decades,” the statement said.
The top management of Kalyan Jewellers, whose shares have been under pressure for the past 15 days, played down the speculation during an analyst call last week.
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In a recent clarification, Motilal Oswal said such attacks on its integrity are completely unacceptable and reminded market participants of its nearly four-decade legacy of highlighting ethical practices and transparency. “We have consistently upheld the highest standards of integrity, compliance and performance. We have a good track record of corporate governance and compliance, and no incidents of violations have been reported as alleged on social media,” AMC said.
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The fund house urged people not to believe these baseless and unethical attempts to spread misinformation. “We urge all stakeholders to rely on reliable and verified sources of information.”
Reiterating its investment approach to the market, Motilal Oswal AMC said its portfolio construction is built on high confidence with a strong focus on alpha by finding narrow spaces in the market.
Despite such rumours, shares of Kalyan Jewelers have been in freefall despite a strong recovery in the third quarter. The stock is down 16% in the past week and has fallen more than 30% in the past month. The stock, once a street favorite, has surged 940% since its listing in March 2021.
Sentiment also bounced around Motilal Oswal shares, which fell nearly 7% in the last week.
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