Thangamayil Jewellery shares slide 32% in a week as Q2 FY27 sales show no improvement
AI Market Summary
Thangamayil Jewellery's sharp selloff is tied to weaker early-Q2 sales, driven by India's gold import duty hike (6% to 15%) and rupee depreciation, which raise local gold costs and delay consumer purchases. Softer same-store sales growth reinforces demand sensitivity to policy and FX moves. With the stock a concentrated holding in several PMS strategies, the drawdown may amplify risk-off positioning in India's gold-linked retail complex.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.50%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Thangamayil Jewellery shares have fallen 32% over the past week, including a further 5% drop in a single session. The company said sales showed no visible improvement during the first 28 days of Q2 FY27, citing India’s gold import duty hike from 6% to 15% effective May 13, 2026, alongside a sharp rupee depreciation that raised costs and weighed on demand. Same-store sales growth slowed to 44.4% from 72.3% in the previous quarter. The stock is the largest holding in Equirus Long Horizon Fund at over 22% and Clockvine Growth Fund at 12.4%.
