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Gitanjali Gems falls further, hits fresh 52-week low

This is the 16th straight session of fall for the stock.

business Updated: Mar 08, 2018 12:12 IST
Press Trust of India
Press Trust of India
Press Trust of India
Gitanjali Gems,PNB Fraud,Nirav Modi
Mehul Choksi, the promoter of Gitanjali Group, is accused in the PNB fraud along with billionaire jeweller Nirav Modi.(HT File Photo)

Shares of Gitanjali Gems on Thursday declined by another 5% in morning trade after the CBI registered a fresh FIR against diamond merchant Nirav Modi in the PNB fraud case.

Modi and his uncle Mehul 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 the Punjab National Bank.

Gitanjali Gems stock slumped 5% to hit its fresh 52-week low of Rs 16.60 on BSE.

This is the 16th straight session of fall for the stock. It has lost as as much as 73.58% since February 14, the day the PNB fraud came to light.

On NSE, the stock fell to a 52-week low of Rs 16.55.

The CBI on Wednesday registered a fresh case against billionaire jeweller Nirav Modi in connection with the alleged fraud in credit facilities extended by the Punjab National Bank.

This is the second CBI FIR in which Modi has been named.

First Published: Mar 08, 2018 12:11 IST