NEW DELHI: Shares of watch and jewellery maker Titan slipped 11 per cent in morning trade on Tuesday after the company said its consumption during April-June took a hit due to rising gold prices.
The scrip was on course to extend its slide into the fourth consecutive session.
Titan in its quarterly update on Monday said it witnessed a tough macro-economic environment with consumption being hit during April-June quarter due to rising gold prices.
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Revenue in the jewellery division (Tanishq) saw a muted 13 per cent growth in the first quarter as a sharp increase in gold prices dented consumer demand significantly.
However, the watch division, which retails watches under a range of brands including the premium Titan and the economy brand Sonata, saw revenue growth of 19 per cent, partly helped by a large institutional order from Tata Consultancy Services (TCS), a group company.
The eyewear segment grew 13 per cent, aided by semi-annual activation that covered both Titan and Fastrack brands.
Recently Morgan Stanley downgraded the stock to the equal-weight from overweight, with a target at Rs 1,300.
Shares of Titan Company traded 9.93 per cent down at Rs 1,128.20 on BSE around 9:50 am.
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