Mumbai: Shares of Titan Industries today fell by 3.6 percent after the Reserve Bank of India put a cap on further foreign institutional investment in the company.
Reacting to this, Titan's scrip tanked 3.57 percent to Rs 240.10 on the BSE.
Similarly, the scrip lost 3.45 percent to Rs 240.05 at the NSE.
On the volume front, 1.55 lakh shares of the company changed hands on the BSE, while over 8 lakh shares were traded at the NSE during the morning trade.
The Reserve Bank of India yesterday notified that the aggregate net purchases of equity shares in Titan Industries by Foreign Institutional Investors (FIIs) in the primary and secondary markets have reached the trigger limit.
"Further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India," RBI said.