Shares of Senco Gold, the leading Indian jewelry retailer, saw a partial recovery on October 29 following a sharp intraday drop of nearly 15%. The recovery came after the company issued a clarification regarding rumors of income tax raids on its premises. Senco Gold stated in an exchange filing that these reports were speculative and categorically denied the occurrence of any such event, ensuring that any necessary disclosures would be made to the stock exchanges.
The stock, which dropped to an intraday low of ₹1,035.6, rebounded to ₹1,157.80 by early afternoon trading on the NSE. The company’s statement reassured investors, helping stabilize the share price amidst rising concerns on social media.
In related news, Senco’s MD & CEO, Suvankar Sen, shared positive expectations for gold sales during the upcoming wedding season, boosted by an increase in foot traffic following a recent duty cut. Sen expressed optimism for a surge in gold purchases during Dhanteras and the wedding season spanning from November 2024 to February 2025.
Looking forward, Senco Gold plans to expand its retail footprint by adding 15-20 new stores by the end of FY 2025, with approximately half of them to be franchise-owned, strengthening its presence across India.
