Gitanjali Gems shares continue fall down 10%

DN Bureau

Shares of Gitanjali Gems continued to fall for the fourth straight session today, plunging 10 per cent as investor sentiment remained muted after the company came under the scanner of various investigating agencies following PNB's Rs 11,400-crore fraud detection.

Company logo
Company logo


New Delhi: Shares of Gitanjali Gems continued to fall for the fourth straight session today, plunging 10 per cent as investor sentiment remained muted after the company came under the scanner of various investigating agencies following PNB's Rs 11,400-crore fraud detection.

Also Read: Retailers accused of levying GST over MRP

The stock tumbled 9.99 per cent to Rs 33.80 -- its lower circuit limit -- on BSE.

At NSE, shares of the company plunged 9.87 per cent to hit its lowest trading permissible limit of Rs 33.75.

Also Read | Forex reserves soar by $3bn to $417.789bn

In four trading sessions, the stock has lost over 46 per cent, wiping out Rs 344 crore from its market valuation.

Also Read: India, Iran sign double taxation pact

Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) was trading lower by 3.80 per cent, Thangamayil Jewellery 1.84 per cent and PC Jeweller 1.42 per cent on BSE.

On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with financial implication of about Rs 11,346 crore and the matter has been referred to law enforcement agencies for the recovery.

Also Read | PM blames Congress for Andhra Pradesh's problems

Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner.

Also Read: Sensex witnesses 134.95 point surge, Nifty at 10,586.90

While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi's Gitanjali Gems is a listed firm and has been involved in some other cases of suspected market manipulations.(PTI)


 










Related Stories