Titan Industries has tanked over 12% to Rs 207, its lowest level since February 2012, in early morning trades on the Bombay Stock Exchange (BSE).
The stock of the jewellery retailer plunged 22% in past two trading sessions after the Reserve Bank of India (RBI) clarified that all imports of gold for domestic consumption can be made only with 100% cash margin.
Credit of any kind from suppliers or bullion banks for importing gold for domestic use is prohibited, the Tata Group firm said in a statement.
This also affects import of gold through all non consignment routes like gold on lease / loan, the company said.
The jewellery business accounts to a chunky 80% of Titan’s revenues of Rs 10,000 crore, and it grew by close to 15% during FY13 on year-on-year basis.
The stock of the jewellery retailer plunged 22% in past two trading sessions after the Reserve Bank of India (RBI) clarified that all imports of gold for domestic consumption can be made only with 100% cash margin.
Credit of any kind from suppliers or bullion banks for importing gold for domestic use is prohibited, the Tata Group firm said in a statement.
This also affects import of gold through all non consignment routes like gold on lease / loan, the company said.
The jewellery business accounts to a chunky 80% of Titan’s revenues of Rs 10,000 crore, and it grew by close to 15% during FY13 on year-on-year basis.
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