Stocks

Gitanjali Gems hits fresh 52-week low

PTI New Delhi | Updated on March 09, 2018 Published on March 09, 2018

The Gitanjali Group office at MIDC Andheri in Mumbai (File photo)   -  Prashant Waydande

Shares of Gitanjali Gems today declined by another 5 per cent after the CBI sent fresh summonses to billionaire jeweller Nirav Modi and his uncle Mehul Choksi.

Modi and Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of Letters of Undertaking (LoUs) and Letters of Credit (LCs) worth $2 billion (approximately Rs 12,636 crore) by Punjab National Bank.

The company shares 5 per cent to hit its fresh 52-week low of Rs 15.80 on the BSE. This is the 17th straight session of fall for the stock. It has lost as as much as 74.86 per cent since February 14, the day the PNB fraud came to light. On NSE, the stock fell to a 52-week low of Rs 15.75.

The Central Bureau of Investigation had yesterday sent fresh summonses to Modi and Choksi to join the investigation as early as possible. The agency had sent three summons on February 19, 23 and 28 asking them to join the probe at the earliest. They were asked to appear on March 7.

Choksi, in a seven-page letter which was released by his lawyer, has said it is impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health.

Published on March 09, 2018
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