Shares of gold firms tank

Share prices of gold loan companies and jewellers were under tremendous pressure on Monday as gold sank further to new lows.

Share prices of gold loan companies and jewellers were under tremendous pressure on Monday as gold sank further to new lows.

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At the end of day's trade, shares of Muthoot Finance and Manappuram Finance had slumped 13% and 10% respectively.

These companies reacted on the risk of rising defaults on gold loans amidst falling prices.

Further jewellery firms such as Tribhobvandas Bhimji Zaveri, PC Jeweller, and Titan Industries saw their share prices fall 2%, 6% and 4% respectively.