Shares of PC Jeweller tanked 11.24 per cent, while those of Titan Company fell by 2.63 per cent on the BSE.
Among others, Shree Ganesh Jewellery House was down 1.63 per cent, while Gitanjali Gems went down by 1.61 per cent.
Jewellery stocks rallied in morning trade on anticipation of a cut in import duty, but reversed gains after no such mention was made in the Budget for the next financial year, 2014-15.
Both the government and the Reserve Bank of India (RBI) had taken steps to bring down gold imports, one of the major causes for the widening of the CAD in 2012-13.
The government had increased customs duty on gold thrice in 2013 to 10 per cent and the RBI had imposed a series of curbs on inward shipments of the yellow metal.