Tata group stocks see across the board decline

Tata Coffee (down 20%), Tata Teleservices Maharashtra (down 19.74%), Titan Industries (down 13.09%), Tata Power Company (down 3.15%), Tata Communications (down 2.63%), Tata Metaliks (down 2.06%), TCS (down 1.91%), Tata Global Beverages (down 0.7%), Rallis India (down 0.35%), Tata Investment Corporation (down 0.33%) and Tata Sponge Iron (down 0.3%) declined.

Meanwhile, the S&P BSE Sensex was down 117.90 points or 0.62% at 19,025.10.

Shares of Tata Steel hit a low of Rs 273.25 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 281.35 so far during the day. The stock had hit a 52-week high of Rs 454.90 on 4 July 2012.

Shares of Titan Industries hit a low of Rs 201.20 so far during the day, which is also its 52-week low. The stock hit a high of Rs 224 so far during the day. The stock had hit a record high of Rs 313.60 on 30 November 2012.

Shares of Titan Industries dropped for second day in a row after the company issued a statement on Reserve Bank of India (RBI)'s clarification on gold imports during trading hours on Tuesday, 11 June 2013. The stock lost 10.86% to Rs 236.40 on Tuesday, 11 June 2013.

Titan Industries said that the RBI has clarified that all imports of gold for domestic consumption, either through banks, nominated agencies or directly can be made only with 100% cash margin. The RBI has also clarified that credit of any kind from suppliers or bullion banks for import of gold for domestic use is prohibited, Titan said. This will affect import of gold through all non consignment routes like gold on lease/loan, Titan Industries said. Titan imports gold for its retail gold jewellery business.

Titan said it had sought some clarifications on gold imports after the RBI issued a notification on 4 June 2013 on changes to the current terms governing import of gold in India.

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