Indian jewellery stocks drop on Modi gold comments
Shares of Titan and Kalyan Jewellers fell up to 8% after Prime Minister Modi urged citizens to avoid buying gold for a year to protect the rupee. The move follows rising oil prices and a widening trade deficit that has pressured India's balance of payments.
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KALYAN JEWELLERS INDIA LTD and other major retailers saw shares fall between 6% and 8% on Monday afternoon. Prime Minister Narendra Modi urged citizens to avoid buying gold for one year to protect foreign exchange reserves. The move signals potential tariff hikes to curb imports as energy costs pressure the national balance of payments.
