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.
What happened
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.
Key facts
- Sensex 75,398.72 +790 (+1.06%)
- Nifty 23,689.60 +277 (+1.18%)
- Rupee 95.86 record low
- Gold/silver import duty hiked 6% to 15%
- Kalyan m-cap down Rs 7,229 cr (May 8-13)
- Combined jewellery wealth erosion ~Rs 60,000 cr
- Sugar export ban till Sept 30
- Bharti Airtel +5.28% to 1,884
Why this matters
The Rs 60,000 cr wipeout opens a window to scout distressed regional jewellers or strategic stakes in players whose balance sheets can't absorb the duty shock.