Mumbai, May 11 -- Speaking at an event in Hyderabad over the weekend, Modi appealed to people to avoid gold purchases for weddings. The appeal was part of a broader push to conserve fuel and foreign exchange reserves.
The Prime Minister also urged people to reduce non-essential foreign travel, preferring work-from-home, cutting fuel consumption, lowering the use of imported products and promoting domestic goods.
The remarks weighed on sentiment across the sector. Sky Gold and Diamonds declined 10.03%. Senco Gold dropped 9.85%. Kalyan Jewellers India fell 9.41%, while Titan Company slipped 7.84%. Thangamayil Jewellery lost 5.67%. PC Jeweller was down 4.73%.
The comments came amid pressure on India's gold imports. Reports indicated that go...