Gitanjali Gems shares tank over 58% in 7 days

In seven days, the stock has plunged 58.5%, eroding Rs 435.41 crore from its market capitalisation.

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session on Thursday, falling 58.5% in the past one week.

Fraud-tainted Nirav Modi’s uncle Mehul Choksi’s Gitanjali Gems is a listed firm.(Reuters)

The stock tanked 4.92% to Rs 26.10 -- its lowest trading permissible limit for the day -- on the BSE on Thursday afternoon. On the NSE, shares of the company lost 4.92% to hit a low of Rs 26.05.

In seven days, the stock has plunged 58.5%, eroding Rs 435.41 crore from its market capitalisation.

On February 14, Punjab National Bank (PNB) disclosed that it detected fraudulent transactions with 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.