Titan Company lost 2.54% to Rs 321.85 at 14:57 IST on BSE on reports that the company's jewellery unit, Tanishq had closed two gold deposit schemes.
Meanwhile, the S&P BSE Sensex was down 10.16 points or 0.04% at 25,014.19.
On BSE, so far 1.18 lakh shares were traded in the counter as against average daily volume of 2.44 lakh shares in the past one quarter.
The stock hit a high of Rs 328.80 and a low of Rs 318.15 so far during the day. The stock hit a record high of Rs 362.70 on 7 July 2014. The stock hit a 52-week low of Rs 203 on 30 January 2014.
The stock had outperformed the market over the past one month till 11 July 2014, advancing 0.38% compared with Sensex's 1.76% fall. The scrip had also outperformed the market in past one quarter, jumping 25.76% as against Sensex's 10.59% rise.
The large-cap gold jewellery and watches maker has equity capital of Rs 88.78 crore. Face value per share is Re 1.
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According to reports, Titan Company's jewellery unit, Tanishq had closed two gold deposit schemes under which customers would deposit cash for a certain period and receive an amount of jewellery at the end. Tanishq said it would close the deposit schemes due to changes to rules governing the sale of deposits under the Companies Act passed last year, reports added.
Gold deposit schemes provided cheap working capital for Titan.
Titan Company's net profit rose 11.6% to Rs 206.44 crore on 7.5% growth in net sales to Rs 2786.81 crore in Q4 March 2014 over Q4 March 2013.
Titan Company (earlier known as Titan Industries) is India's leading producer and retailer of watches, jewellery and eyewear.
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