Titan share price plummets: Jhunjhunwalas incur ₹900 crore loss
Titan's shares slid over 5% after its latest quarterly results missed expectations, causing Rekha Jhunjhunwala's stake to drop by about ₹900 crore.
Her holding is now valued at ₹15,842 crore as Titan's market cap took a hit.
Titan's slower revenue growth this quarter
Titan is a big name in jewelry and watches—so when it struggles, it grabs attention.
Slower revenue growth this quarter was mainly due to rising gold prices and fewer new buyers at Tanishq and CaratLane.
Even with these headwinds, Titan still managed an 18% jump in jewelry sales year-on-year, but that was less than what analysts hoped for.
Titan continues to get 'Buy' ratings from analysts
Despite the tough market, Titan opened 19 new stores this quarter and continues to get "Buy" ratings from some analysts who see potential in its brands like Tanishq and Mia.
The stock has been pretty volatile lately, closing Tuesday at ₹2,195 on the NSE.