Jewellery Stocks Tumble After PM Urges to Delay Gold Purchases
New Delhi: Jewellery stocks faced massive selling pressure on Monday, with Kalyan Jewellers tumbling over 9 per cent, after Prime Minister Narendra Modi called for postponing the purchase of gold and foreign travel for one year to save foreign exchange amid the West Asia crisis. In the short-term, the appeal may slow discretionary purchases, particularly in jewellery demand, and create…
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