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Shares of Kalyan Jewellers India Ltd. rebounded on Monday after Motilal Oswal Asset Management Co. denied social media speculation linked to its investment in the firm.
The jeweler’s shares rallied as much as 9.5% in Mumbai, their biggest advance in almost five months, after losing about $3 billion in market value amid rumors of a tax probe and allegations that the company had unlawfully induced money managers to buy its stock.
“We categorically deny the baseless, malicious, and defamatory allegations circulating on social media,” said a statement from Motilal Oswal Asset Management Co., which owns a combined 6.4% stake in the jeweler through its mutual fund schemes as of December.
A spokesperson for Kalyan Jewellers said the company has addressed these rumors in the special update call on Jan. 14 and has nothing new to add.
Shares of Kalyan Jewellers have slumped about 30% this month after more than doubling last year on demand for gold ornaments and the firm’s expansion plans. All but one of the nine analysts tracking the stock have a buy rating on its shares, according to data compiled by Bloomberg.
--With assistance from Alex Gabriel Simon.
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