Indian Jewellery Stocks Plummet Up to 12% Following PM Modi's Economic Address

Indian Jewellery Stocks Plummet Amid Prime Minister's Appeal for Foreign Exchange Conservation

Prime Minister Narendra Modi's call to citizens to postpone purchases of gold and other measures to conserve foreign exchange has had a significant impact on the Indian jewellery market. On Monday, several leading jewellery stocks crashed, with some experiencing declines of up to 9%.

Titan Company, one of India's leading jewellery and watch manufacturers, saw its share price decline as much as 6.4%. This was followed by Kalyan Jewellers India, whose shares dropped 8.3%. Other notable jewellery stocks that suffered significant losses include Sky Gold And Diamonds, which plunged 12.2%, and Senco Gold, whose stock tanked 10.7%.

The downturn in the jewellery market can be attributed to the Prime Minister's appeal to citizens to avoid buying gold for weddings for the next one year. Additionally, PM Modi called for judicious use of fuel, postponement of foreign travel, and other measures to strengthen the economy.

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The following table highlights the percentage decline in share prices of some of the major jewellery stocks:

These measures are aimed at conserving foreign exchange in light of the ongoing Middle East crisis. The impact on the jewellery market is expected to be significant in the short term, but the long-term effects of these measures remain to be seen.