New Delhi: Amidst the fall in share prices of Titan, it is investor Rekha Jhunjhunwala that had to bear a major notional brunt. Rekha Jhunjhunwala, wife of late Rakesh Jhunjhunwala, who holds a large stake in the Tata group company, has suffered a major setback with Rs 900 crore being wiped out in just a few minutes on Tuesday.
Rekha Jhunjhunwala reportedly holds a 5.15% stake in Titan. With major 5.52 crashing of Titan shares on Tuesday, Jhunjhunwala has been dealt with a severe blow. The crash in shares reduced the worth Jhunjhunwala’s Titan stake to around Rs 15,842 crore.
At 1.33 pm shares of Titan were trading 5.62 percent or Rs 206.15 lower at 3,460.70 apiece.
According to the company’s BSE filing, Titan’s jewellery business grew 18% year-on-year in a quarter marked by gold price volatility affecting consumer sentiments.
While the Akshaya Tritiya period saw good traction, the increase in gold prices from May till mid- June, saw some softening in customer purchases. Buyer growth was flat (YoY) for both TMZ and CaratLane.
Watches domestic business clocked a strong quarter of c.23% YoY growth led by analog driven by both volume and value growth.
EyeCare’s domestic business grew c.12% YoY led by performances across Retail and E-commerce, by both International and House brands. Titan Eye+ retail opened 12 new doors and closed 32 stores resulting in 20 domestic store closures (net) for the quarter.
The International Business grew c.49% YoY led by near doubling of Tanishq’s business in the US market. The 1 new store addition (net) in the quarter consisted of Tanishq’s and Titan Eye+’s one new store opening (each) in UAE in Dubai and Sharjah respectively and closure of 1 Mia store in the region.
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