Shares of PC Jeweller Limited, ended 5.05% lower on Wednesday, October 28, as the jewellery stock extended its loss for the fifth consecutive trading session. With this, the penny stock has declined nearly 14% over the past one week. The steep correction in the stock has come after a 66.9% rally in six months.
The sharp decline in PC Jeweller stock is part of a profit booking of the jewellery stock after its stupendous rally over the past few weeks. The recent downtrend in the stock came after the stock surged to its 52-week high levels last week.
The decline has come against the backdrop of healthy second quarter earnings announced by PC Jewellers earlier, which makes it more of technical correction rather than a fundamental business issue.
Last week, PC Jeweller reported a 58% annual jump in its consolidated net profit to ₹330.66 crore for the second quarter of financial year 2026-27. The double digit growth in profit was driven by higher sales. The company had reported a net profit of ₹209.54 crore during July-September quarter of the previous year.
PC Jeweller’s revenue from operations surged by 28% on an annual basis to ₹1,054.47 crore for the second quarter of this fiscal from ₹825.25 crore a year ago. Despite the surge in income, the company’s expenses remained higher at ₹759.42 crore as against ₹688.85 crore a year ago.