Jewellery stocks crash after PM advises people not to buy gold

Indian equity benchmarks opened lower on Monday after PM Narendra Modi urged citizens to conserve fuel and avoid buying gold for a year amid rising energy prices. The shares of major jewellers fell sharply. Senco Gold dropped 8.98% to ₹332.60, Titan fell 5.34% to ₹4,268.10, while Kalyan Jewellers and PC Jeweller declined 7.43% and 3.89% to ₹393.00 and ₹9.13, respectively.