Shares of PC Jeweller fell more than 4% on Monday, a day after the company disclosed that the Securities and Exchange Board of India (Sebi) had sent administrative warning letters to two of its senior officials.
The stock dropped to Rs 14.83 in morning trade, its lowest level in nearly three weeks. It has lost nearly 10% in a week. That fall follows a sharp run-up in which the shares rose 20% in a month and more than 60% so far in 2026.
Why the regulator stepped in
Sebi wrote to promoter and managing director Balram Garg, and to Vijay Panwar, the company secretary and compliance officer. The letters relate to a lapse in maintaining a structured digital database of unpublished price sensitive information. The information in question was linked to a business update for the April-June quarter of 2025, the first quarter of the financial year 2026.
The company shared the details in an exchange filing on Saturday. It said the warning has no effect on its financial, operational or other activities, at least none that can be measured in money terms.
PC Jeweller accepted that it had not kept a structured digital database for the update, which it said was released on July 1, 2025. It added, however, that the trading window for designated persons and their immediate relatives stayed shut from July 1 until two days after the results for the quarter ended June 30, 2025 were declared.
What the business update said
On July 3, 2025, PC Jeweller put out a provisional business update for the first quarter of FY26. It described the quarter as very promising and fulfilling, saying it ended on a strong note with robust performance.
The company reported standalone revenue growth of about 80% over the same quarter a year earlier, even with gold prices swinging sharply. It said wedding and festive buying had pushed up demand for its products.
The filing also spoke of a fall in its outstanding debt and its aim of becoming debt-free. The company reached that goal earlier this year, which triggered a sharp jump in its share price.
Stock performance
Over one year, PC Jeweller shares have gained around 30%. Over longer periods the returns have been far bigger, at more than 400% in three years and over 420% in five years.
The company’s market capitalisation is nearly Rs 14,700 crore.
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