TITAN

Shares of Titan Company, Senco Gold, and other jewellery stocks declined sharply by as much as 10 percent on May 11, following Prime Minister Narendra Modi’s appeal to citizens to defer gold purchases and overseas travel to help strengthen the economy. Highlighting the need to conserve foreign exchange amid the ongoing crisis, Modi urged people to postpone buying gold and travelling abroad for a year. “We have to save foreign exchange by any means,” he said. He also noted that the conflict in West Asia had led to a sharp rise in petrol and fertiliser prices, adding that supply chain pressures were creating further challenges despite government efforts to manage the situation. On May 11, Titan Company fell 8 percent, emerging as the top loser on the Nifty index. Other jewellery stocks, including Kalyan Jewellers, Senco Gold, and PC Jeweller, were also trading up to 10 percent lower.