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“These baseless accusations on social media are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades,” the statement read.
The top management of Kalyan Jewellers, whose shares have been under pressure for the last 15 days, had already denied the conjecture during an analyst call last week.
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In a latest clarification, Motilal Oswal said that such attacks on its integrity are completely unacceptable and reminded market participants of its nearly four-decade-long legacy that highlights 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 instances of violations have been reported as per the allegations made on social media,” said the AMC.
The fund house urged people not to believe these baseless and unethical attempts to spread misinformation. “We urge all stakeholders to rely on credible and verified sources of information.”Reiterating its investment approach in the market, Motilal Oswal AMC stated that its portfolio construction is built on high conviction, with a strong focus on alpha, by seeking narrow spaces in the market.Kalyan Jewellers’ shares have been in freefall despite a strong third-quarter update amid such rumors. The stock is down 16% in the last week and fell over 30% in the last month. The stock, once a darling of the street, rose as much as 940% since its listing in March 2021.
Sentiment also soured around Motilal Oswal shares, which declined nearly 7% in the last week.
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