Jewellery stocks, including Titan Company, Kalyan Jewellers, Senco Gold and Thangamayil Jewellery, have witnessed a sharp selloff this week, tumbling as much as 20% in just three trading sessions. The free fall follows a double blow from the government: Prime Minister Narendra Modi’s appeal to defer gold purchases for a year and a steep hike in gold import duties aimed at stabilising the rapidly weakening Indian rupee.
Among the biggest losers, Kalyan Jewellers India has fallen nearly 20%, while Thangamayil Jewellery and Sky Gold have declined around 18% each. Senco Gold has dropped 14%, while Tata Group-backed Titan Company has slipped nearly 11%. Combined, the selloff has erased close to Rs 60,000 crore in investor wealth.
