Titan Shares Dip as Q1 Update Disappoints Investors
Titan Company, a Tata group firm, saw its shares fall over 6% due to a lackluster Q1 business update. Despite a 20% year-on-year growth in consumer businesses, the stock was negatively impacted by gold price volatility. The company's market valuation decreased significantly, eroding Rs 20,086.15 crore.
- Country:
- India
Shares of Tata group firm Titan Company fell dramatically, dropping over 6% after its first-quarter business update left investors unimpressed. The stock hit Rs 3,440.60 apiece on the BSE, showing a loss of 6.17%.
On the NSE, the fall was similar, with Titan's shares plummeting to Rs 3,440, marking it as the biggest loser among Sensex and Nifty stocks. The company's market valuation shrank by Rs 20,086.15 crore to Rs 3,05,451.71 crore.
Despite a 20% year-on-year growth in its consumer businesses during the quarter, Titan's domestic jewellery operations grew by 18%. The company noted that gold price fluctuations from May to mid-June affected customer spending, even as the Akshaya Tritiya period showed promising traction.
(With inputs from agencies.)
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