Shares of Titan Company fell 2% to a more than four-month low of Rs 2,401 on the BSE in intraday trade on Friday, as a sudden surge in gold prices raised concerns over wedding jewellery demand heading into the March quarter (Q4FY23).

Today, the stock is at its lowest since August 23, 2022. It has fallen 8% over the past eight sessions. With this decline, Titan is now retracing a 14% correction from its 52-week high of Rs 2,790 hit on October 31, 2022.

Shares were down 1% at 2:01 pm, while the S&P BSE Sensex was up 0.68%.

Titan recorded solid performance in its October-December quarter (Q3FY23) update, with double-digit growth across all segments.

Jewellery segment revenues grew 11% year-over-year, with inlaid gold jewellery slightly ahead of solid gold jewellery.