Fascinating question.
For those who may be perplexed by the question, Permanent Residence in the Indian state of Jammu and Kashmir is similar to Belonger status in a specific British Overseas Territory. One needs to have both Belonger status and BOTC in order to exercise certain rights, such as the right to own real estate. Similarly, in order to own property or exercise certain other rights in Jammu and Kashmir, one needs to not only be an Indian citizen, but also a permanent resident of that state. As an aside, no other state in India has such provisions. The Pakistani province of Azad Kashmir has similar, though not identical, provisions.
The judgment of
State Of Jammu & Kashmir and Ors vs Dr. Susheela Sawhney and Ors on 7 October, 2002 gives a historical perspective of the various changes in the law regarding J&K PR.
Returning to your question, OP, being an Indian citizen is a requirement for having J&K Permanent Residence. If you acquire any foreign citizenship, you automatically lose both Indian citizenship and J&K PR.
The J&K High Court also ruled in the case of
Raja Mohammad Hussain vs State And Ors. on 27 May, 2003 that, as acquisition of foreign citizenship leads to loss of Indian citizenship and that as Indian citizenship is a pre-requisite to J&K PR, acquisition of foreign citizenship leads to loss of J&K PR.
The section quoted above talks of deemed citizenship, but I am not sure if OCI counts as deemed citizenship or not and whether acquiring OCI after losing Indian citizenship would revive J&K PR.
Remember that I am not a lawyer, much less an Indian one, and all my research is based on information found on the Internet.
I am not a lawyer or immigration advisor. My statements/comments do not constitute legal advice. E&OE. Please do not PM me for advice.