PC Jeweller Shares Plunge Over 10% After NSE, BSE Initiate Additional Surveillance Measure
Shares of PC Jeweller Ltd. fell as much as 10% to Rs 16.83 on the National Stock Exchange. This decline came after both the BSE and NSE placed the stock under the short-term Additional Surveillance Measure framework.
The ASM framework is designed to enhance market integrity and safeguard investor interests by monitoring and curbing excessive volatility in stock prices.
Prior to this decline, PC Jeweller's stock had been on an upward trajectory, buoyed by a positive business update. The company reported a robust performance for the recently concluded quarter, attributing its success to strong customer trust and goodwill.
Despite fluctuations in gold prices, PC Jeweller achieved a standalone revenue growth of approximately 80% compared to the same quarter in the previous financial year, the company said in an exchange filing.
The stock rose nearly 20% on July 4, a day after the company announced its business update. It continued to rise over 12% on Monday bringing the cumulative rally of two days to over 33%.
The surge in demand for its products was driven by wedding and festive purchases, PC Jeweller had said in its update.
Additionally, the company said that it made progress in reducing its outstanding debts, cutting them by more than 50% during fiscal 2025. PC Jeweller aims to become debt-free by the end of FY26 and has already reduced its debts by another 7.50% during the last quarter.
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