PC Jeweller Share Price Today Falls After 4-Day Rally; Why Are Shares Down Despite 99% Bank Debt Cleared?

Shares of PC Jeweller Ltd slipped on Thursday, September 24, as investors appeared to book profits after a sharp four-session rally that had pushed the jewellery stock to a fresh 52-week high in the previous session. The decline also came against the backdrop of a weak broader market.

PC Jeweller Share Price Today

At the close, PC Jeweller shares stood at Rs 14.26 on the NSE, down Rs 0.21, or 1.45%. The stock opened at Rs 14.61, touched an intraday high of Rs 14.65 and slipped to a low of Rs 14.01 during the session. Its previous close was around Rs 14.47.

The fall followed a strong run in which the stock had gained for four consecutive sessions. On Wednesday, September 23, PC Jeweller had touched a fresh 52-week high of around Rs 14.87 before closing with strong gains.

Why Did PC Jeweller Shares Fall Today?

The immediate trigger appears to be profit booking after the recent rally. The stock had already moved sharply higher ahead of Thursday's session, and some investors used the fresh 52-week high to lock in gains.

The broader market weakness added to the pressure. With benchmark indices falling sharply on Thursday, risk appetite weakened across small- and mid-cap stocks, making it harder for recently rallied counters to sustain their gains.

PC Jeweller Clears More Than 99% Of Bank Debt

PC Jeweller said it had cleared its outstanding debt with another lender under the settlement agreement signed with its consortium banks. Following the latest repayment, the company has now settled dues with 13 of its 14 consortium lenders, taking the proportion of bank debt discharged to more than 99%. The company has said it expects to clear the remaining amount within September.

The company has also stated that repayments to the lenders were completed ahead of their respective scheduled due dates. The debt-reduction process has been one of the key factors supporting the stock's recent rally.

The reduction in bank debt can strengthen PC Jeweller's balance sheet and potentially reduce financial pressure over time. However, debt repayment alone does not determine the company's future performance.

PC Jeweller Allots 1.18 Crore Shares After Warrant Conversion, Raises Rs 16 Crore

Another development announced on September 23 was the allotment of 1.18 crore equity shares following the conversion of warrants, with the company receiving about Rs 16 crore.

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