Kalind shares jump 5% on ex-bonus, ex-split day; investors see 86% price adjustment

Shares of small-cap Kalind rose 5% in Friday's session, July 24, to ₹11.29 apiece. However, many investors were surprised to find the stock reflecting an apparent 86% decline in their demat accounts compared with the previous day's closing price.

The sharp adjustment was purely technical and not the result of any negative development or market sell-off. The company had fixed July 24 as the record date for its 1:5 stock split and 1:2 bonus issue, both of which became effective from Friday. As a result, the stock price was adjusted to account for the increased number of shares outstanding.

After factoring in both the stock split and the bonus issue, Kalind's adjusted closing price from Thursday worked out to around ₹10.79 per share. Against this adjusted base, the stock ended Friday's session at ₹11.29, translating into a gain of about 4.6% for the day.

In effect, while the share price appeared significantly lower due to the corporate actions, shareholders saw a corresponding increase in the number of shares held, leaving the overall value of their investment broadly unchanged, except for the day's actual market gain.

The company's shares have delivered exceptional returns over the past few years, consistently scaling fresh record highs and maintaining strong momentum despite bouts of volatility in the broader market. The stellar rally has also made the stock one of the biggest wealth creators in the Indian stock market.

The stock began its remarkable bull run in October 2024 and continued its upward trajectory through 2026, delivering an extraordinary return of over 9,320%. During this period, the stock ended most months in the green. On an annual basis, it closed CY2025 with a multibagger gain of 1,875%, while the winning streak has extended into the current year, with the stock rising another 17.5% so far.

In terms of cumulative returns, the stock has gained 395% over the past one year, 5,545% in two years, and an astonishing 10,163% over the last five years.

The phenomenal rally has largely benefited retail investors, who continue to hold the majority stake in the company. As of the June 2026 quarter, public shareholders owned 84.8% of the company, a sharp increase from 29.6% in the corresponding quarter last year.

According to Trendlyne data, more than 600 retail shareholders with holdings valued above ₹2 lakh collectively owned a 52.4% stake in the company, while investors with holdings of up to ₹2 lakh held another 14.55%.

Promoters held the remaining 13.8% stake. Among them, Jasani Dharmendrabhai Becharbhai owned the largest share at 13.2%, while Ayush Dharmendrabhai Jasani held 0.56%, according to Trendlyne data.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover,...