Shares of the companies engaged in gems and jewellery business extended losses on Tuesday on rising worries that the Reserve Bank of India's and government initiative to curb gold imports may impact growth and earnings going forward.
According to PTI reports, due to sluggish demand, gold imports are expected to more than halve to about 150 tonnes in the coming July-September quarter, against the projected 350 tonnes in the current quarter.
Gitanjali Gems is the top loser among jewellery stocks locked in 20% lower circuit at Rs 324 for the second straight session.
Among other stocks in the sector, TBZ has dipped 4% to Rs 174, followed by Shree Ganesh Jewellery House slipped 2.6% to Rs 72.40, PC Jeweller was down 4.8% at Rs 85.
