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Jewellery retail, gold finance stocks crash
Shares of Jewellery retail companies and gold finance companies came crashing down as international gold prices fell dramatically last week.
Shares of Gold and gold ornament retailers like PC Jeweller plunged 6.6 per cent, while Tribhoovandas Bhimji Zaveri dropped 10 per cent and Thangamayil fell 4.76 per cent. Also read should you buy gold after the 20% fall
On the other hand gold finance companies stocks like Muthoot and Manappuram also plunged. Muthoot Finance was down 18 per cent, while Manappuram Finance was down 9.33 per cent.
The drops comes largely as a result of a fall in gold prices. International gold prices have now fallen by as much as 20 per cent, ever since they peaked in 2011.
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