MUMBAI/ BANGALORE, May 11 -- Shares of Indian jewellery retailers tumbled on Monday as investors and industry executives weighed the fallout of Prime Minister Narendra Modi's appeal to curb gold purchases to ease pressure on India's foreign exchange reserves.

PM Modi on Sunday urged citizens to reduce gold purchases to help conserve foreign exchange reserves, triggering fears of weaker demand, tighter financing conditions and potentially higher import duties for the sector.

The remarks triggered a sharp selloff in jewellery stocks, with Kalyan Jewellers India falling 9.27%, Senco Gold slipping 8.18% and Titan Company declining 6.73%, significantly underperforming the broader market. The benchmark Nifty50 closed 1.49% lower today.

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