- Titan shares fell over 6% after PM’s gold purchase appeal.
- Investors fear reduced gold sales during wedding/festival season.
- PM cited global energy crisis and rupee pressure.
The TATA Group’s shares took a heavy beating today, falling over 6% in the early trading session. The drop came after Prime Minister Narendra Modi recently urged citizens to stay away from buying gold for the next year.
Also Read: Why PM Modi Wants Indians To Avoid Buying Gold For A Year: Explained
Why Did the Shares Fall?
Speaking in Hyderabad on Sunday, PM Modi appealed to avoid purchasing gold for the next twelve months. With companies like Titan depending almost entirely on domestic gold demand, investors are worried that PM’s appeal could make gold sales tumble even further in the upcoming wedding and festival season.
During today’s session, Titan shares fell as much as 6.28% to Rs 4,230, Rs 283.40 lower than its previous closing price of Rs 4,513.40. It opened at Rs 4,350 and hit an intraday low of Rs 4,220. Other jewellery stocks, such as Kalyan Jewellers and Senco Gold, also saw sharp declines during the day.
The Prime Minister’s appeal was in the context of the ongoing global energy crisis triggered by tensions in West Asia and disruptions near the Strait of Hormuz. Economists have pointed out that India imports large quantities of both crude oil and gold, and both are paid for in US dollars. The high imports put pressure on India’s foreign exchange reserves and can weaken the rupee.
Also Read: Rupee Plunges 139 Paise To 94.90 Against US Dollar Amid Escalating West Asia Tensions
Rekha Jhunjhunwala Suffers Heavy Loss
Titan’s sharp fall wiped out nearly Rs 1,700 crore from the net worth of ace investor Rekha Jhunjhunwala. According to data from the March 2026 quarter, she holds 4,71,84,470 shares in Titan, amounting to approximately 5.31% stake in the company. With the stock falling Rs 362 per share today, her total wealth took a hit of around Rs 1,700 crore.
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