Jewellery shares lose shine: Why sector stocks plunged up to 9%

AI Summary

Jewellery stocks have experienced significant drops after Prime Minister Modi's appeal for citizens to reduce gold purchases to conserve foreign exchange reserves. Major jewellery companies faced steep declines in their stock prices, influenced by potential changes in demand.

Jewellery stocks saw a sharp decline on Monday. Prime Minister Narendra Modi appealed to citizens to reduce gold purchases. This call aims to preserve foreign exchange reserves. Major jewellery companies experienced significant drops in their share prices. Investors reacted quickly to the potential demand impact. Indian equities opened lower amid global concerns.