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Executive director Ramesh Kalyanaraman dismissed this as "very absurd" in the call on Tuesday. The stock dropped 7% on Wednesday to close at 554.90, extending its losing streak to the ninth straight day. The 32% drop in the share price in this period has eroded the market cap of Kalyan Jewellers by 24,000 crore to 57,234 crore at the Wednesday close.
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