PM Modi had urged people not to buy gold in order to help save foreign exchange reserves. Following this, when the market opened on Monday, jewellery company shares witnessed a sharp decline.
Shares of major jewellery companies in India have fallen by more than 10%.
Among them, the biggest decline was seen in Sky Gold shares, which fell by nearly 12%, bringing the share price down to ₹475.
Meanwhile, Senco shares fell by 11%, bringing the stock price down to ₹325.05. The stock had previously closed at ₹365.40.
Shares of well-known jewellery company Kalyan Jewellers also fell by 10%, bringing the stock price down to ₹382.10. The stock had previously closed at ₹424.55.
Titan shares witnessed an initial decline of 8%, bringing the price of one share down to ₹4,150.10.
When the market opened today, the Sensex was trading 1.35% lower at 76,282.28, while the Nifty was down 1.23% at 23,877.80 points.
Sectoral indices were trading in the red, with the Nifty Consumer Durables index witnessing the biggest decline and trading more than 3% lower.
Photo: @PTI
Following PM Modi’s appeal to save foreign exchange reserves, Union Minister Ashwini Vaishnaw said that people should follow and respect this appeal.
Ashwini Vaishnaw said that we should reduce spending on things that require the use of foreign exchange reserves.
Ashwini Vaishnaw spoke about this during a program.
“Since the war is still going on, and yesterday's developments, we all know that truce is still far away...We, as citizens, as our Prime Minister has asked all of us, we can reduce our expenditure on everything that requires foreign exchange to be spent. In our lives, we can identify what we can do to preserve the foreign exchange. Simultaneously, we must also earn more and more foreign exchange. Both things have to go in parallel. I'll request all of you to take cognisance of the Prime Minister's call to the nation and within your own means, within your own enterprises, within your own businesses, try to do whatever best you can”
Meanwhile, opposition leaders took a dig at PM Modi over this statement.
Rahul Gandhi and Akhilesh Yadav also took a swipe at the government over the statement.
