Highdell Investment, which is owned by private equity major Warburg Pincus, on Tuesday, divested 2.26% stake in Kalyan Jewellers India Ltd for a little over Rs 256 crore through an open market transaction.

Following the deal, shares of Kalyan Jewellers plunged 9.06 per cent to settle at Rs 107.9 on the National Stock Exchange (NSE).

According to bulk deal data available with the NSE, Highdell Investment sold a total of 2,33,25,686 shares of the jewellery chain company, amounting to 2.26% stake in the company.

The shares were offloaded at a price of Rs 110.04 apiece, taking the transaction size to Rs 256.67 crore, as per the data.

However, the buyer of the shares could not be ascertained immediately.

Highdell Investment owned 26.36%  stake in the company as of December quarter, latest shareholding data with the BSE showed.

Kalyan Jewellers India Pvt Ltd is into manufacturing and sale of gems and jewellery.

In December 2022, Kalyan Jewellers announced plans to expand its retail footprint by over 30% in 2023 by adding 52 showrooms.