Stocks

Gitanjali Gems shares tank over 58% in 7 days

PTI New Delhi | Updated on February 22, 2018 Published on February 22, 2018

The stock tanked 4.92 per cent to Rs 26.10 -- its lowest trading permissible limit for the day -- on the BSE.   -  Business Line

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session today, falling 58.5 per cent in the past one week.

The stock tanked 4.92 per cent to Rs 26.10 -- its lowest trading permissible limit for the day -- on the BSE. On the NSE, the scrip lost 4.92 per cent to hit a low of Rs 26.05. In seven days, the stock has plunged 58.5 per cent, eroding Rs 435.41 crore from its market capitalisation.

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

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.

Published on February 22, 2018
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