Shares in jewellery maker Titan plunged in trade after the company reported a weak set of results. The stock was last trading at Rs 347, down 6 per cent in trade.
Net sales during the quarter ending March 31, 2015 declined 11.2 per cent to Rs 2,474 crore as against Rs 2,787 crore a year ago.
Bhaskar Bhat, Managing Director of the Company stated that "The economic outlook for the year 2014-15 was quite good but improvement in consumer demand has been quite lukewarm. Our jewellery business was also adversely impacted due to regulatory changes and termination of the consumer friendly Golden Harvest Scheme.
All our brands witnessed good growth during the first half but post Diwali season we have seen tapering of growths. The Company will however continue to invest in strategic initiatives taking into account our long term and sustainable growth plans."