Shares of jewellery companies tanked as much as 11%, erasing their entire early morning gains as interim budget, announced by the Finance Minister P.Chidambaram on Monday, failed to give any sops to the sector. The sector expected the import duty on gold imports to be cut from 10% to 8%.
P C Jeweller, Titan Company, Gitanjali Gems, Tribhovandas Bhimji Zaveri (TBZ), Thangamayil Jewellery, Renaissance Jewellery and Shree Ganesh Jewellery House are trading down between 1-11% on the Bombay Stock Exchange (BSE).
Most of these stocks were trading in green in early morning deals on expectations of a relaxation of the gold import norms, including the 80:20 rule.
Last month, United Progressive Alliance (UPA) Chairperson Sonia Gandhi had written a letter to the government seeking such a move.
Among the individual stocks, PC Jeweller has dipped 11% to Rs 80 on BSE. TBZ is trading lower by 2.4% at Rs 122, falling nearly 7% from intra-day’s high of Rs 131.
Titan Company is down 1.5% at Rs 226. The stock hit a high of Rs 236 in early morning deals on the BSE.
P C Jeweller, Titan Company, Gitanjali Gems, Tribhovandas Bhimji Zaveri (TBZ), Thangamayil Jewellery, Renaissance Jewellery and Shree Ganesh Jewellery House are trading down between 1-11% on the Bombay Stock Exchange (BSE).
Most of these stocks were trading in green in early morning deals on expectations of a relaxation of the gold import norms, including the 80:20 rule.
Last month, United Progressive Alliance (UPA) Chairperson Sonia Gandhi had written a letter to the government seeking such a move.
Among the individual stocks, PC Jeweller has dipped 11% to Rs 80 on BSE. TBZ is trading lower by 2.4% at Rs 122, falling nearly 7% from intra-day’s high of Rs 131.
Titan Company is down 1.5% at Rs 226. The stock hit a high of Rs 236 in early morning deals on the BSE.