NEW DELHI: Shares of jewellery maker Titan Company fell as much as 4.7 per cent to Rs 786.1, its lowest level since February 9, 2018, in Wednesday's trade after global brokerage CLSA downgraded the stock to sell.The brokerage downgraded the stock to "sell" and cut the target price to Rs 720 from Rs 1,050 amid growth concerns after the company missed Q1 guidance.Titan was the top percentage loser on the NSE."Worried of the impact of a potential hawkish stance on gold regulations which could weigh on Titan's premium valuation," CLSA said.Even if government does not take action to curb gold imports in the near term the overhang would still remain as actions could be staggered, it added.Rupee has fallen over 12 per cent against the dollar this year, resulting in reports of a strict import regime and higher import duty on gold.22 of 31 brokerages rate the stock "buy" or higher, seven "hold" and two "strong sell" with a median target price of Rs 1,050.