Mumbai-based Motilal Oswal Asset Management Company (MOAMC) issued a strong rebuttal on Sunday, January 19, denying accusations circulating on social media that its fund managers were involved in a bribery scheme to manipulate stock purchases of Kalyan Jewellers, a leading jewellery manufacturer. The fund house called the allegations “baseless, malicious, and defamatory,” emphasizing that these claims were part of a coordinated effort to damage its reputation.
In an official statement, the asset management firm firmly rejected the claims, labeling them as “deliberate attempts by individuals with vested interests” aimed at tarnishing the company’s longstanding reputation. The statement further added that the company has always adhered to the highest standards of ethical practice and transparency, with a legacy spanning nearly four decades.
“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,” the company stated.
Kalyan Jewellers, whose stock has been a subject of significant volatility recently, saw its shares plummet by 6.93% to ₹501.65 on Friday, January 17. This marked a steep fall from its 52-week high of ₹794.60 reached on January 2, 2025. Despite the decline, Kalyan Jewellers’ market capitalization remains strong, standing at over ₹50,000 crore. The stock has given investors stellar returns over the past five years—rising more than 560%—but has faced a sharp downturn in 2025, losing 35% year-to-date.
The accusations first emerged in the wake of Kalyan Jewellers’ stock performance, with social media posts claiming that fund managers from Motilal Oswal had been involved in insider trading activities, allegedly using bribery to accumulate shares of the company before a major rally. These claims were quickly dismissed by the asset manager, who stated that they were committed to upholding the trust and confidence of their investors.
“We take such baseless attacks on our integrity extremely seriously. We urge our shareholders not to believe these unethical attempts to spread misinformation,” the company added, vowing to take all necessary actions to safeguard its reputation.
The company has been a prominent player in India’s asset management sector, known for its focus on research-driven investment strategies and its commitment to building long-term relationships with investors. As of now, there is no official investigation into the allegations, and the company has assured its stakeholders that they are fully prepared to respond to any inquiries from regulatory authorities.
While Motilal Oswal’s rebuttal comes amidst a volatile period for Kalyan Jewellers, the asset manager remains confident that its strong track record and ethical stance will see it through these challenges.
Kalyan Jewellers, which went public in 2021, has faced fluctuating fortunes on the stock market, with its shares experiencing sharp gains followed by significant dips. Despite the drop in stock value, the company has continued to be a dominant force in India’s jewellery market, buoyed by strong demand during key festive seasons and its expanding presence across the country.
As of now, Motilal Oswal remains committed to addressing the false allegations through legal means if necessary, reinforcing its dedication to maintaining the integrity of both its own brand and the broader asset management industry.
The incident highlights the growing importance of addressing misinformation, especially in today’s digital age where social media rumors can swiftly snowball into major public relations challenges.
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