Budget 2026: Titan, Kalyan, Thangamayil, Golkunda shares fall up to 6%; here’s why

Budget 2026: The glitter of jewellery stocks faded on Dalal Street this historic Union Budget 2026 Sunday session ahead of Nirmala Sitharaman’s speech in Lok Sabha. Shares of jewellery houses witnessed selling pressure, with Thangamayil Jewellery and Golkunda Diamonds taking the hardest knock, plunging nearly 6 per cent in early trade.

Thangamayil Jewellery Ltd shares tanked 5.74 per cent to Rs 3,140; following by, Golkunda Diamonds & Jewellery shares slipped 5.73 per cent to Rs 195, from its previous close.

Kalyan Jewellers India shares slipped as much as 1.7 per cent on the BSE, touching the day’s low of Rs 355.15 in early trade. Meanwhile, the Tata Group-backed Titan Company stock was down 0.99 per cent to Rs 3,937.95.

Why the Fall?

According to a pre-budget note by Emkay Global, the jewellery sector is walking a tightrope. The brokerage said that jewelry players are likely to be hurt if gold import duties are raised, to combat the rise in import values.

Motilal Oswal Financial Services (MOFSL) said that the All-India Gem and Jewellery Domestic Council (GJC) had requested the government to rationalize the GST on gold and silver jewelry from the current 3 per cent to 1.25 per cent or a uniform 1.5 per cent.

Emkay flagged “Customs duty on Gold” as a negative trigger for stocks like Titan, Senco, and Kalyan if the duties are increased.

The equity sell-off may be mirrored by a crash in the commodity markets. Gold and silver tumbled on the MCX on Sunday. Silver prices on the MCX cracked as much as 9 per cent, hitting the third circuit for the day, to Rs 2,65,652 per kg.

Gold futures were also battered, down nearly 9 per cent to Rs 1.38 lakh per 10 grams, against their previous close of Rs 1.52 lakh.