Kalyan Jewellers India shares slipped 9.4% on Friday to an intraday low of ₹534.95 on the BSE after the company posted a 31% year-on-year rise in revenue. The decline came as gross margins in its India business fell 60 bps YoY to 13.6%, weighed down by a higher contribution from franchised stores. Despite the margin pressure, brokerages including Citi and Motilal Oswal remain bullish, projecting the stock could climb to ₹700.
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