Mumbai/IBNS-CMEDIA: The share prices of major jewellery companies including Titan Company Ltd., Senco Gold Ltd. and Kalyan Jewellers Ltd. crashed by as much as 10 percent on Monday after Prime Minister Narendra Modi called for restraint in gold purchases amid escalating tensions in West Asia, media reports said.
Shares of Titan and Kalyan Jewellers declined between 6-8 percent, while Senco Gold extended losses to nearly 10 percent during the trading session.
PM calls for austerity amid West Asia crisis
Prime Minister Modi on Sunday urged Indians to adopt austerity measures in view of the worsening crisis in West Asia, warning that the global conflict could severely impact India’s economy through rising fuel prices and mounting pressure on foreign exchange reserves.
Addressing a gathering in Hyderabad, Modi appealed to citizens to avoid unnecessary foreign travel for a year and refrain from purchasing gold during festivals and weddings.
