Shares of jewellery retailers declined up to six per cent in the absence of any favourable announcements in the Union Budget for 2014-15.
Gitanjali Gems plunged 5.73 per cent while PC Jeweller dropped 5.58 per cent at the BSE.
Shares of Shree Ganesh Jewellery House tanked 5.54 per cent while Tribhovandas Bhimji Zaveri was down 4.95 per cent.
More From This Section
"However, the government instead adopted a wait and watch approach with no changes in import duty structure defying market expectations," said Naveen Mathur, Associate Director Commodities & Currencies, Angel Broking.
Ahead of the Budget, shares of most jewellery retailers had edged higher on hopes that the government may cut import duty on gold.
However, the Union Budget for 2014-15 presented in Lok Sabha today did not have any favorable announcements for the sector.