One of India’s Largest Jewellery Companies Tanks Over 9% as PM Modi Urges Citizens to Avoid Gold Purchases
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Kalyan Jewellers India Ltd share price plunged over 9 per cent after PM Narendra Modi urged citizens to avoid non-essential gold purchases amid rising crude oil prices and forex concerns.
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Kalyan Jewellers India Ltd share price came under heavy selling pressure on Monday, May 11, 2026, after Prime Minister Narendra Modi urged citizens to postpone non-essential gold purchases and overseas travel for the next year.
During a rally in Hyderabad on Sunday, May 10, 2026, the Prime Minister appealed to citizens to adopt austerity measures in light of the ongoing West Asia crisis, which has sharply increased global crude oil prices. He also encouraged consumers to prioritise “Made-in-India” products to help reduce the country’s import bill.
The appeal comes at a time when Brent crude prices have surged close to USD 105 per barrel, raising concerns over India’s current account deficit and putting pressure on the country’s foreign exchange reserves. The market interpreted the statement as a potential negative for discretionary consumption-linked sectors, particularly jewellery retailers that are heavily dependent on gold demand.
As a result, jewellery stocks witnessed broad-based selling during Monday’s trading session, with Kalyan Jewellers emerging among the worst hit counters.
About Kalyan Jewellers India Ltd
Established in 1993, Kalyan Jewellers India Ltd is one of India’s largest jewellery retailers with a strong presence across domestic and international markets.
The company offers a wide portfolio of gold, studded and other jewellery products catering to customers across multiple price segments. Apart from its extensive pan-India retail network, the company also operates at scale in the Middle East market.
Over the years, Kalyan Jewellers has strengthened its brand presence through aggressive expansion, regional marketing strategies and a diversified product portfolio targeting wedding and lifestyle demand segments.
Kalyan Jewellers Share Price Performance
Kalyan Jewellers India Ltd share price closed at Rs 385.20, down Rs 39.35 or 9.27 per cent for the day. During the trading session, the stock touched an Intraday high of Rs 411.00 and a low of Rs 382.10.
Disclaimer: The article is for informational purposes only and not investment advice.