Titan shares fall as sales fail to live up to Street expectations

NEW DELHI: The shares of Titan Company dropped 1.66 per cent to Rs 2,495.95 apiece in morning trade on Monday. It is likely that the firm's sales failed to live up to Street expectations and have influenced the stock's Monday trading.

The shares of the watchmaker had declined 2.46 per cent in a span of five days while the firm's shares declined 4.56 per cent in a period of 30 days in 2023.

The Titan Company said its sales across standalone businesses went up 12 per cent year-on-year in the third quarter of fiscal 2022-23, which is not quite up to Street expectations.

The watchmaker had said on Sunday that the positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year, according to the company statement shared with exchanges.

Watches division's 14 per cent growth year-on-year (y-o-y) was led by strong traction in the wearables space, the company said. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year, the company had said on Sunday.