Shares of gold loan companies such as Manappuram Finance and jewellery makers fell sharply on Monday by up to over 13 per cent, following weakness in gold prices which hit over 15-month low. Muthoot Finance’s scrip tanked 13.13 per cent to close the day at Rs. 131.35, while Manappuram Finance dived 9.84 per cent to Rs. 17.40 on the BSE.
Selling was also seen among jewellery makers with PC Jeweller falling 5.65 per cent, Thangamayil Jewellery (5.45 per cent), Titan Industries (4.37 per cent), Gitanjali Gems (2.40 per cent) and Tribhovandas Bhimji Zaveri (0.86 %).
“Heavy selling in gold put pressure on stock prices of gold loan companies such as Manappuram Finance and Muthoot Finance. Titan also dipped,” said Nagji K. Rita, Chairman and MD, Inventure Growth and Securities.
Also, gold prices tumbled today by Rs 750 to Rs 27,600 per 10 grams to hit an over 15-month low in New Delhi due to persistent selling by stockists, triggered by a heavy sell-off in global markets.
