Jewellery stocks plunge up to 9% after Modi urges a year without gold purchases

A single remark triggered a sharp selloff

Gold jewellery stocks slumped as Prime Minister Modi urged Indians to avoid buying gold for a year to conserve foreign exchange. The move rattled investor sentiment and clouded the near-term outlook for companies in the sector. Still, analysts argue that deeper demand drivers like weddings and organized players could keep long-term consumption resilient.