- Jewellery stocks fell sharply after import duty hike on gold, silver, and platinum
- Sky Gold shares dropped up to 5.88%, trading at Rs 447.8 per share
- Kalyan Jewellers fell 5.87% to Rs 340.55 per share amid the sell-off
Jewellery stocks tumbled after the opening bell on Wednesday, May 13 following an import duty hike on silver, gold and platinum.
Shares of major jewellery makers primarily remained in red today, with Sky Gold dropping up to 5.88% so far trading at Rs 447.8 apiece, while Kalyan Jewellers was 5.87% down at Rs 340.55 apiece. PN Gadgil tumbled 4.1% at Rs 601.6 per share, Titan dipped 1.34% to Rs 4,001 apiece, while Senco remained in green at Rs 302.05 per share.
The latest fall comes after government doubled the import duty levied on gold, silver and platinum to 10%. Earlier, PM Modi 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.
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