Titan and Kalyan Jewellers plunge 4 percent as Modi urges Indians to pause gold buying

A casual appeal triggers a market shock

Shares of Titan and Kalyan Jewellers tumbled after Prime Minister Narendra Modi urged Indians to temporarily reduce non-essential gold consumption to protect foreign exchange reserves. Speaking in Hyderabad, he linked gold conservation to national strength as global oil prices rise. Traders said the comments, though not a formal ban, hit sentiment hard and could cool volumes during the wedding season.