PC Jeweller promoters come clean; shares end 25% lower

NEW DELHI: PC Jeweller on Friday denied the company promoters diluted their holdings in the market after the stock crashed 60 per cent on Mumbai trading on Friday.

“The promoter and promoters group continue to hold 60.5 per cent of PC Jeweller and have not sold any share in the market,” Sanjiv Bhatia, CFO, PC Jeweller, said in a concall.

“There's no encumbrance on the equity holder/holding and promoter group. The promoters are involved in the day-to-day operations of the company and are committed to strengthen the brand equity,” he said.


There were speculations in the market that the promoters might have a business relationship with IT firm Vakrangee, which according to Mumbai Mirror is being probed by Sebi for possible stock manipulation.

“We clarify that our operations across our manufacturing, retail and franchise stores are functioning in a healthy manner and there have not been any disruption,” Bhatia said.

We, at PC Jeweller, follow the highest standard of corporate governance, he added.

Shares of the company closed 25 per cent lower at Rs 363 apiece on BSE, while Vakrangee remained locked at the lower circuit limit at Rs 263 through the day.