Titan Industries plunges as gold slumps

Shares of jewellery retailer TitanIndustries on Monday slumped over 7 per cent on the BSE following sharp fall ingold prices .

Analysts said slide in gold prices will reduce valuation ofgold inventory that the company holds. Despite a positive opening, the scrip settled 7.27 per centlower at Rs 207.40 on the BSE.

On the National Stock Exchange, the scrip closed at Rs205.95, down 7.91 per cent from its previous close.

Gold suffered the steepest single day fall of Rs 1,540 totouch an intra-day low of Rs 25,800 per 10 grams in the opening trade.

Gold closed at Rs 26,740 per 10 grams today, registering aloss of Rs 600, due to panic selling by stockists, sparked by a steep fall inglobal bullion markets.

Titan Industries retails branded gold jewellery under thebrand name Tanishq.