- Jewellery stocks fell after PM Modi urged Indians to avoid gold purchases due to Middle East tensions
- Senco shares dropped 10.7% to Rs 326.1 and Titan fell 6.32% to Rs 4,223.9 per share
- Kalyan Jeweller declined 8.37% to Rs 389 and P N Gadgil fell 7.25% to Rs 675.1 per share
Jewellery stocks fell after the opening bell on Monday, May 11 following Prime Minister Narendra Modi's appeal to Indians on avoiding gold purchases due to the tensions in Middle East.
Shares of major jewellery makers were in red today, with Senco dropping 10.7% trading at Rs 326.1, while Titan was 6.32% lower at Rs 4,223.9 apiece. Kalyan Jeweller tumbled 8.37% at Rs 389 per share and P N Gadgil dipped 7.25% to Rs 675.1 apiece.
The latest fall comes after PM Modi on Sunday, May 10 requested Indians to avoid non-essential gold purchases for one year in order to reduce pressure on foreign exchange outflows. "We have to save foreign exchange by any means," he said at an event in Hyderabad.
In addition to jewellery stocks, MCX gold rate dropped on Monday, May 11, with the yellow metal fell 0.32% to Rs 1,51, 973 per 10 grams at 10:05 am, while MCX silver price remained flat at Rs 2,62,000.
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