Titan having some bad times

Titan Industries is the biggest loser on the BSE today, down currently over 9% at Rs.214.90, this is after having hit a new 52-week low at Rs.206.50. The stock has lost over 21% since the past two days, wiping off Rs.2000 crore from the market cap, which now stands at Rs.19,078 crore.

The stock is down deep in the red on concerns mounting over the recently imposed restrictions by the Govt on gold imports and the falling rupee, both which are expected to have an impact on the working of the company.

The company yesterday issued a Press Release clarifying that all imports of gold for domestic consumption, either through banks, nominated agencies or directly can be made only with 100% cash margin. It also stated that credit of any kind from suppliers or bullion banks for import of gold for domestic use is prohibited, which also affects import of gold through all non consignment routes like gold on lease / loan.