Titan industries Ltd stock sank to 52 week low today before making a mild recovery after the company indicated yesterday that the RBI was firm in its stand that importers of gold would have to fork 100 % cash margin for their gold import.
Titan had stated in its discussion with RBI officials, it was clarified that any import of gold for domestic use whether through banks or nominated agencies or directly could be done only with 100 percent cash margin.
The stock had fallen to fresh 52 week low of Rs.201.20, At one time, the stock had shed more than 10% for the second day running before pulling back a bit. The trading volume within 15 minutes of trading was about 40 lakh shares in the counter.The scrip closed at Rs.205.30 in BSE.
Titan had stated in its discussion with RBI officials, it was clarified that any import of gold for domestic use whether through banks or nominated agencies or directly could be done only with 100 percent cash margin.
The stock had fallen to fresh 52 week low of Rs.201.20, At one time, the stock had shed more than 10% for the second day running before pulling back a bit. The trading volume within 15 minutes of trading was about 40 lakh shares in the counter.The scrip closed at Rs.205.30 in BSE.
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