Kalyan Jewellers leads Rs 60,000 cr wipeout as MSCI exit, duty hike rattle gold retailers
Listed jewellery stocks shed roughly Rs 60,000 crore in combined market cap as Kalyan Jewellers hit a 52-week low post MSCI exclusion, losing Rs 7,229 cr between May 8-13. Government's surprise gold/silver import duty hike from 6% to 15% compounds margin pressure, even as Sensex rebounded 790 points on broader strength.
Sensex rebounded 790 points despite record-low rupee. Kalyan Jewellers hit 52-week low post MSCI exclusion, with Rs 60,000 cr wiped from listed jewellers. Gold/silver import duty hiked to 15%; sugar stocks fell on export ban.