Facing "liquidity issues", diversified company SRS Ltd has discontinued the operations of its jewellery business with immediate effect.
"The company has discontinued the operations of its jewellery business with immediate effect due to liquidity crunch in the company," SRS Ltd said in a regulatory filing.
SRS, which has presence across various sectors such as retail, hospitality, real estate, cinemas and jewellery, said it does not have adequate funds to replenish/purchase jewellery stock.
Jewellery business contributed to 74.09 per cent of total turnover of SRS Ltd in the previous fiscal. Revenue from jewellery business in fiscal 2016-17 stood at Rs 680.77 crore.
Last year SRS Ltd had also initiated talks with multiplex operators including INOX and private equity players to sell its cinema business.
It is yet to finalise sale of multiplex business though.
SRS Cinemas operates over 50 screens in over 15 cities in the country.
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