Tata's Titan Shares Fall 6% Amid PM Modi's Gold Buying Warning

Shares of Tata Group company Titan are in a bad shape today. Its shares fell by more than 6% in early trade. The main reason for this decline is Prime Minister Narendra Modi's recent statement in which he has advised the people of the country to avoid buying gold for a year. In fact, PM Modi appealed to the citizens in Hyderabad on Sunday to not buy gold for a year. Now the business of companies like Titan in India is completely dependent on domestic demand for gold. Investors are apparently afraid that after this appeal of PM Modi, there may be a huge decline in gold sales in the wedding and festival season. That is why Titan shares fell by 6.28% to Rs 4,230 in today's trading session. It is less than Rs 4,350 from its previous closing price. It is not only the Prime Minister's Jewellery and Jewellery Stocks like Kalyan Jewellers and Prime Minister's Jewellers that have fallen sharply.