Gitanjali Gems further fell 10%

February 20, 2018

On Tuesday, the shares of Gitanjali Gems seemed to fell further by nearly 10 per cent. It hits its lowest trading permissible limit for the day. This was due to the company’s exposure under the scanner of various investigating agencies following the PNB’s Rs 11,300-crore fraud detection.

On Tuesday, the stock fell 9.91 per cent to Rs 30.45, which is its lowest trading permissible limit on BSE.

On the other hand, at NSE, the shares of the company also fell by 9.92 per cent to Rs 30.40. This is its lower price band ever.

It is stated by an expert that in five straight trading sessions, the stock has lost over 51 per cent, wiping out Rs 383.81 crore from its market valuation.

Currently, selling was also seen in other jewellery stocks, with Tribhovandas Bhimji Zaveri trading down by 0.98 per cent and PC Jeweller 0.30 per cent on BSE.

The stock is suffering since the Punjab National Bank 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.

Under this case, billionaire jewellery designer Nirav Modi was booked. He is alleged executor of this fraud.

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