PC Jewelers loses all shine
By
Research Desk
about 8 years ago
In this demonetization drive, at least on the stock market, PC Jewelers has probably been the biggest loser. The day the demonetization drive was announced, on 8th November, the stock price had closed at Rs.480.55 and today, it hit an intra day low at Rs.319.25, an erosion of over 33%.
Gold and jewellery is almost always bought in cash and with the current ban on Rs.500 and Rs.1000 notes, it has surely affected the “official” business. This is expected to hit the books and this is the story of not just PC but of almost all jewellery companies.
Unofficially though “arrangements” are being made to help clients get over this ban , with 10 gms of gold being sold at Rs.55,000 to Rs.60,000.