Kalyan Jewellers stock tanks 15.5% in four days as profit booking takes over

Shares of Kalyan Jewellers extended their losing streak to the fourth straight session on January 8, dropping 15.5 percent. The downslide comes as investors jumped on a selling spree after the stock hit a record high on January 2, taking on the opportunity to cash in partial profits.

As for today's session, the stock fell over 7 percent and at 12.26 pm, it was trading at Rs 671.40 on the NSE.  Sharp profit booking also triggered a spike in trading volumes in the counter as 95 lakh shares of the company changed hands on the bourses so far, already surpassing the one-month daily traded average of 53 lakh shares.

Aside from the profit booking, growth prospects for the jewellery maker remains robust. In its quarterly update, the company stated that the December quarter was 'very fulfilling,' with consolidated revenue growth of 39 percent on-year.

Brokerage firm Citi also expressed optimism over the stock, retaining its 'buy' call with a price target of Rs 810. The brokerage also highlighted that Kalyan Jewellers' Q3 update shows continued outperformance on growth.