Institutional shareholders Accel and 360 ONE pared their positions in omnichannel jewellery retailer BlueStone on Tuesday through multiple bulk and block transactions that together accounted for nearly 4% of the company's equity and were valued at about Rs 513 crore, according to BSE data.
Accel India III (Mauritius) sold 28 lakh shares, fetching Rs 231.7 crore, while four funds managed by 360 ONE disposed of nearly 34 lakh shares for Rs 281.3 crore. Each transaction was executed at Rs 827.60 per share, a price that represented a 3% premium to BlueStone's closing level for the day, suggesting the sellers were able to place the stock at a relatively firm valuation even as the broader market digested the supply.
The shares found buyers across a mix of domestic and global institutional investors. Mirae Asset Mutual Fund emerged as the largest buyer, picking up 20.8 lakh shares. Bajaj Life Insurance, SBI Life Insurance and Nippon India Mutual Fund each acquired 9.5 lakh shares, underscoring continued interest from long-term domestic institutions in the jewellery retailer's growth story. International investors also joined the transaction, with Kuwait Investment Authority, Goldman Sachs and Citigroup Global Markets Singapore among the participants that took exposure in the company.
The latest sale marks the second time this year that Accel, 360 ONE and related investors have reduced their BlueStone holdings. In June, the same group, along with IvyCapVentures, sold 46.4 lakh shares through open-market transactions for Rs 242.8 crore. Tuesday's deal therefore extends a pattern of gradual stake monetisation by early and financial backers as BlueStone continues to scale its retail footprint and sharpen its public-market profile.
Accel remains one of BlueStone's most significant institutional shareholders. As of June 30, 2026, the venture capital firm held 1.6 crore shares, or about 10.1% of the company. The firm has now offloaded 17.4% of its holdings, indicating a measured reduction rather than a full exit. 360 ONE held about 3.8% stake in BlueStone at the end of the June quarter, and its latest sale also suggests portfolio rebalancing after the company's public listing and subsequent market performance.
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone has built itself into one of India's better-known omnichannel jewellery brands, offering more than 8,000 designs across rings, pendants, earrings and other categories. The company says it operates 352 stores across 139 cities, reflecting the scale of its offline expansion alongside its digital-first roots. It competes with CaratLane, GIVA and established legacy jewellery brands in a market where trust, design variety and distribution reach remain critical differentiators.
BlueStone's latest financial update showed a sharp improvement in profitability, though the quarter also reflected some sequential pressure. The company reported a profit after tax of Rs 6 crore in Q1 FY27, compared with a loss of Rs 34.8 crore in the same period a year earlier. However, profit fell 81% sequentially, indicating that the business is still navigating volatility in margins and earnings momentum. Operating revenue rose 50% year-on-year and 8% quarter-on-quarter to Rs 736.9 crore, pointing to continued top-line expansion even as investors assess the sustainability of earnings recovery.
The stock, however, came under pressure in Tuesday's trade. BlueStone ended the session 5.63% lower at Rs 805.06 on the BSE, below the block-deal price at which the institutional shares changed hands. The decline suggests the market may be factoring in the fresh supply from large shareholders, even as new institutional buyers signal confidence in the company's long-term prospects.
For BlueStone, the transaction highlights a familiar tension for recently scaled consumer-tech and retail businesses: early investors seek liquidity after years of backing growth, while new institutional entrants look to build positions in a company still expanding its store network and revenue base. The latest block deal shows that BlueStone continues to attract capital, but it also underscores the market's close scrutiny of valuation, ownership churn and the pace at which growth can translate into durable profits.