Mumbai/IBNS, May 13 -- Shares of jewellery manufacturers including Titan Company, Kalyan Jewellers and Senco Gold plunged by as much as 5 percent after the Centre raised import duty on gold, media reports said.

Shares of Kalyan Jewellers and Senco Gold fell over 3 percent each during the session.

While Titan and Senco recovered partially from the day's steepest losses, Senco later extended its decline to around 5 percent.

The central government has increased customs duty on gold, silver, platinum and other jewellery components from 5 percent to 10 percent, reportedly to discourage gold purchases amid Prime Minister Narendra Modi's call for austerity in view of the ongoing West Asia conflict.

The government has also raised the cess on ...