Indian jewellery stocks fall as Modi urges restrained gold buying amid Iran war

ReutersMay 11, 2026 7:26 AM

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Indian gems and jewellery stocks fall 5.5%-11% after PM Narendra Modi urges citizens to avoid buying gold to save foreign exchange, following U.S. President Donald Trump rejection of Iran's response to a peace proposal

Titan TITN.NS falls as much as 7.95% to 4,150.10 rupees; Kalyan Jewellers KALN.NS drops ~10% to 382.10 rupees; Senco Gold SENC.NS sheds ~11% to 325.05 rupees

Titan, Kalyan Jewellers reported quarterly results on Friday; y/y net profit up ~35.4% and ~118%, respectively, driven by strong demand

Brokerages say TITN's market-share gains and buyer growth recovery continue to support medium-term growth outlook despite elevated gold prices

Expect resilient margins aided by lightweight jewellery, exchange schemes

Analysts say KALN's rapid store expansion in newer markets continues to support growth

Operating leverage is helping offset margin pressure from higher gold prices, franchise mix for Kalyan

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