Kalyan Jewellers finds itself in a tight spot as stock exchanges slapped a ban on fresh trading of its futures and options (F&O) contracts. The trigger? Open interest (OI) on these derivatives hit a staggering 95% of the marketwide position limit, as traders scrambled to manage their positions. This isn’t just about numbers, though. Kalyan’s market cap has taken a nosedive, losing a third of its value since January. From a record high of ₹795.4, the stock is now trading at ₹539—a massive 32% drop. Even as the management held an hour-long call to dispel rumors of pledges, tax raids, or, bizarrely, a private jet purchase, the stock couldn’t shake off the bearish sentiment, tumbling further by nearly 3% on Thursday. What’s the escape plan for this F&O ban? Traders need to unwind enough positions to bring OI below 80% of the marketwide limit. Until then, it’s a no-entry zone for new trades, with only existing positions allowed to be squared off. Analyst sentiment offers a mixed bag of hope and caution. Bloomberg’s consensus sets a 12-month target of ₹763.14, with multiple ‘buy’ and ‘add’ ratings still on the table. Citi and Motilal Oswal remain optimistic, projecting price targets of ₹810 and ₹875, respectively. Meanwhile, Ventura Securities sticks to a lone ‘sell’ call, foreseeing ₹692 per share. Despite the turbulence, Kalyan Jewellers remains a heavyweight, standing as India’s second-largest listed jewellery maker behind Titan. With a history tracing back to 1993, 303 stores under its belt (including 36 in the Middle East), and ₹6,065.5 crore in September quarter revenue, the company’s fundamentals still shine. But whether the market believes in the same sparkle is the million-dollar—or rather, ₹55,486 crore—question.