New Delhi, Aug 3 (PTI) Shares of Titan declined by over 2 per cent in morning trade on Thursday after the company reported a 4.3 per cent drop in its consolidated net profit in the June quarter.

The stock went lower by 2.29 per cent to Rs 2,910 on the BSE after a weak beginning.

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At the NSE, it dipped 2.25 per cent to Rs 2,910.

The stock was the biggest laggard among both the Sensex and Nifty firms.

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In the equity market, the 30-share BSE Sensex traded 172.58 points lower at 65,610.20 and the Nifty quoted 42.65 points down at 19,483.90.

Leading jewellery and watchmaker Titan on Wednesday reported a 4.3 per cent drop in its consolidated net profit at Rs 756 crore in the June quarter.

The company posted a net profit of Rs 790 crore in the April-June period last fiscal.

However, its sales increased 20.9 per cent to Rs 10,851 crore during the quarter under review, as against Rs 8,975 crore in the corresponding quarter a year ago.

Titan's total expenses in the first quarter of FY24 stood at Rs 11,009 crore, up 30.82 per cent year-on-year.

Its total income in the June quarter rose 26.6 per cent to Rs 12,011 crore, including other operating revenues.

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