Jewellery stocks Titan, Kalyan Jewellers, Sky Gold, Senco tumble up to 12% after PM Modi’s gold purchase appeal

Jewellery stocks witnessed sharp selling pressure on Monday after Prime Minister Narendra Modi urged citizens to postpone non-essential gold purchases as part of measures aimed at conserving foreign exchange amid the ongoing crisis, triggering concerns over near-term demand for the sector.

Titan Company shares tumbled as much as 8 per cent to ₹4,150.10 in early trade before recovering slightly to trade at ₹4,167.90 around 10.26 am. The stock came under pressure despite the company reporting strong Q4 earnings last week.

Kalyan Jewellers India shares tanked nearly 10 per cent to ₹382.10 from the previous close of ₹424.55. The company had also announced its March quarter results last week.

Senco Gold shares plunged around 11 per cent to ₹325.05 on the NSE from the previous close of ₹365.40. Thangamayil Jewellery fell nearly 10 per cent to ₹3,832.10 against the previous close of ₹4,246.70.

Sky Gold and Diamonds shares tumbled more than 12 per cent to ₹475 during the session. Shares of P N Gadgil Jewellers and Bluestone Jewellery also declined up to 9 per cent amid broad-based weakness across the jewellery segment.

The sharp correction in jewellery stocks reflects investor concerns that any prolonged slowdown in discretionary gold purchases could impact demand momentum, particularly at a time when gold prices remain elevated and consumer buying patterns are already showing signs of moderation.

Published on May 11, 2026