Titan slumps 6% as jewellery business sees sharp decline in sales in Q2

The company said its jewellery division witnessed a sharp fall in sales after a sudden surge in gold prices dented the consumer demand from mid-June.

Shares of Titan Company slipped 6 per cent to Rs 1,178 on the BSE in early morning deals on Wednesday after the Tata Group company said that its revenue from the jewellery business could decline for the first time in the past four years in the September quarter (Q2FY20).

“The company’s jewellery division witnessed a sharp fall in sales after a sudden surge in gold prices dented the consumer demand from mid—June. The weakness continued during July too and resulted in considerable de-growth in sales during the month,” Titan Company said in quarterly update.

Even as retail sales declined in