Titan, IndiGo tumble 5-7% as Modi's gold and foreign travel advisory rattles discretionary retail
Titan slid 7% to Rs 4,200 and IndiGo fell 5% to Rs 4,309 after PM Modi urged citizens to defer gold purchases and non-essential foreign travel for a year. Tata Consumer bucked the trend, rising 8% on Q4 PAT up 21% to Rs 419 cr and revenue up 18% to Rs 5,438 cr. Nifty closed 1.49% lower.
Indian markets fell sharply May 11, 2026 with Nifty down 1.49%. Titan slid 7% and IndiGo 5% after PM Modi urged citizens to avoid gold purchases and non-essential foreign travel for a year. SBI, Swiggy, Canara Bank dropped; Vodafone Idea, Tata Consumer, MCX, Hyundai gained.
Why this matters
Sharp reversal for Titan after Q4FY26 profit jumped 35% and jewellery revenue surged 50%. CFO recently flagged gold price volatility pressuring margins; policy risk now compounds the jewellery outlook.
Retail-brand signals steady at 40 in last 90 days