Titan Industries slumps after RBI tightens gold imports

MUMBAI (Reuters) - Shares in Titan Industries Ltd lost 1.4 percent in early morning trade after the Reserve Bank of India moved to tighten gold imports again on Monday, with an eye to reducing a record current account deficit.

The RBI said importers need to retain 20 percent of the gold they import in customs-bonded warehouses, and will only be able to buy in more after exports equivalent to 75 percent of the retained amount have been shipped.

(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)