Shares of jewellery-to-watchmaker, Titan Company Ltd , fell as much as 4.7 per cent to Rs 998 - their lowest since February 1.
The company has reported a higher June-quarter profit, but says growth in its jewellery business was adversely impacted by high gold prices.
“Macro-economic environment, coupled with lower consumption, have impacted some of our businesses,” the company said in a statement after the earnings announcement.
Gold prices have been rising since the beginning of the trade war between the US and China; prices touched a six-year high on Wednesday.
The company's biggest business is in jewellery, where it owns popular brand 'Tanishq'. The broader market was little changed, rival PC Jeweller Ltd was up 1 per cent.