Titan shares dip nearly 5% on disappointing Q1 earnings

Shares of Titan Company fell by nearly 5 per cent today as the firm reported 14.79 per cent decline in profit after tax for the first quarter ended June.
The stock slumped 4.65 per cent to settle at Rs 323.85 on the BSE. During the day, it dipped 5.54 per cent to Rs 320.80 -- its 52-week low.
At the NSE, the scrip ended the day at Rs 323.65, down 4.47 per cent from its previous close.
The company's market capitalisation fell by Rs 1,402.05 crore to Rs 28,750.95 crore.
Titan Company Ltd today reported 14.79 per cent decline in profit after tax at Rs 151.06 crore for the first quarter ended June 30, due to decline in jewellery sales.

The firm had reported profit after tax of Rs 177.27 crore in the corresponding quarter a year ago.
Titan's net sales were at Rs 2,686.71 crore during the quarter under review, down 5.85 per cent as against Rs 2,853.66 crore in the year-ago period.
Sales in Titan's jewellery business declined 10.9 per cent to Rs 2,072.03 crore, while watches business sales grew 9.1 per cent to Rs 484.54 crore.