Titan shares tumble over 6%; mkt valuation drops by Rs 20,086 cr

New Delhi: Shares of Tata group firm Titan Company on Tuesday tumbled over 6 per cent as the company's first-quarter business update failed to cheer investors.

The stock dropped 6.17 per cent to Rs 3,440.60 apiece on the BSE. During the day, it lost 6.32 per cent to Rs 3,435.

On the NSE, it tanked 6.16 per cent to Rs 3,440.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

The company's market valuation eroded by Rs 20,086.15 crore to Rs 3,05,451.71 crore.

Tata group firm Titan Company saw its consumer businesses grow by 20 per cent year-on-year in the first quarter of this fiscal, according to a regulatory filing by the company.

Domestic jewellery operations grew by 18 per cent in the first quarter, despite the period being marked by gold price volatility affecting consumer sentiments, Titan Company said.

"While the Akshaya Tritiya period saw good traction, the increase in gold prices from May till mid-June saw some softening in customer purchases," it added.

The segment had a net store addition of 19 in India during the quarter, out of which three were in Tanishq, seven in Mia and nine in CaratLane.