Motilal Oswal refutes bribery allegations

Mumbai: Motilal Oswal Financial Services refuted bribery allegations on social media against its asset management unit officials related to its investments. While the Mumbai-based firm, in a release on Sunday, did not specify the investments, the market and social media have been abuzz with speculation in the past week that money managers have been bribed to buy shares of Kalyan Jewellers. The Kerala-based jewellery chain refuted the allegations in a conference call with analysts early last week.

Motilal Oswal Mutual Fund is one of the top institutional investors in Kalyan. These rumours had resulted in Motilal Oswal shares falling 12% in the past three trading days and Kalyan's shares tumbling 20% in the past week and 33% in a month.

Terming the allegations against Motilal Oswal Asset Management and its officials as "baseless, malicious, and defamatory", the financial services firm said the "accusations are a deliberate attempt by individuals with vested interests."


"The allegations made against the firm and its officials about rumours related to resignation, unethical practice or search are totally false and a blatant attempt to mislead the public and damage the trust we have earned over decades of exemplary service."