Jewellery Stocks Slip on Import Curbs

Business

oi-Sneha

By Sneha B K

Updated: Tuesday, November 18, 2014, 14:35 [IST]

Shares of the Jewellery companies were seen trading lower on Tuesday after the reports that central bank is in talks with government to increase curb on imports on gold.

Shares of the Titan slipped by 1.3%, Tribhovandas Bhimji Zaveri was down by 2% and PC Jeweller was lower by 3.5%. Gitanjali Gems fell 0.9%.

"Things are being worked out by the Finance Ministry and some announcements (restrictions) may come in a day or two," a source said to PTI.

On Monday, trade deficit data showed that gold imported surged to $ 4.17 billion from $1.09 billion last year. The rise the gold imports may be due to festive season in India.

Last year, government had increased the import duty on gold to a record 10 per cent. However, relaxed partly in the month of May.

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