Titan Industries lost 3.39% to Rs 234 at 12:21 IST on BSE, with the stock extending Thursday's 2.79% fall triggered by the Reserve Bank of India imposing restriction on fresh foreign portfolio investment in the company's shares.
Meanwhile, the S&P BSE Sensex was down 100.22 points or 0.48% at 20,722.55
On BSE, 1.19 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter.
The stock hit a high of Rs 241 and low of Rs 233.50 so far during the day. The stock hit a record high of Rs 313.60 on 30 November 2012. It hit a 52-week low of Rs 200 on 13 June 2013.
The stock underperformed the market over the past one month till 7 November 2013, rising 1.28% compared with the Sensex's 4.66% gain. The scrip also underperformed the market in past one quarter, falling 8% as against Sensex's 11.56% advance.
The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Re 1.
Shares of Titan Industries fell 6.02% in two days from a recent high of Rs 249 on 6 November 2013. The fall was triggered by the Reserve Bank of India (RBI) notifying that the aggregate net purchases of equity shares in Titan Industries by foreign institutional investors (FIIs) in the primary/secondary markets under Portfolio Investment Scheme (PIS) had reached the trigger limit. Hence, further purchases of equity shares of the company would be allowed only after obtaining prior approval of the RBI. The announcement was made after market hours on Wednesday, 6 November 2013.
FIIs, at the end of September 2013, controlled 22.43% stake in Titan Industries, while promoters holding stood at 53.05%.
Titan Industries' net profit rose 3.6% to Rs 186.65 crore on 2.6% growth in total income to Rs 2359.35 crore in Q2 September 2013 over Q2 September 2012.
Titan Industries retails branded gold jewellery under the brand name Tanishq. It sells watches under a premium brand Titan and economy brand Sonata.
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