Shares of country's largest branded jewellery retailer Gitanjali Gems tumbled 20 per cent in early trade on Bombay Stock Exchange (BSE) on concerns that the Reserve Bank of India's and government initiative to curb gold imports may impact the sectors growth.
According to media reports, due to sluggish demand, gold imports are expected to more than halve to about 150 tonnes in the coming July-September quarter, against the projected 350 tonnes in the current quarter.
Weighed down by development, shares of company declined as much 20 per cent to trade at Rs 405.35 a piece on the BSE.
In a similar fashion, shares of the company were trading at 400.90 a piece, down 20 per cent on the National Stock Exchange (NSE).
Among others, shares of Tribhovandas Bhimji Zaveri (TBZ), PC Jeweller and Shree Ganesh Jewellery House were down in the range of 6-20 per cent on the Bombay Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 18,592.60, down 181.64 points or 0.97 per cent at 10:05 hours.