Gitanjali Gems tanks 20%; falls for third straight day | business news | Hindustan Times
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Gitanjali Gems tanks 20%; falls for third straight day

At close, Gitanjali Gems was trading lower by 19.98%, at Rs 37.45 on the National Stock Exchange.

business Updated: Feb 16, 2018 16:45 IST
Press Trust of India, New Delhi
Gitanjali Gems,Nirav Modi,PNB news
Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under the scanner of various investigating agencies. (Reuters)

Shares of Gitanjali Gems took another 20% plunge on Friday, after the company came under the scanner of various investigating agencies following Punjab National Bank’s Rs 11,400-crore fraud detection.

The stock fell for the third straight session to its 52-week low on both the BSE and NSE.

Gitanjali Gems closed lower by 19.98%, at Rs 37.45 on the National Stock Exchange on Friday.

Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) fell 2.52% to a low of Rs 110, Thangamayil Jewellery slumped 5% to Rs 514.45, Rajesh Exports fell nearly 1% to Rs 795.55.

PC Jewellers, which had slumped 19.50% intra-day on Thursday, closed up 6.64%, gaining Rs 23.65 to finish at Rs 379.95.

On February 14, Punjab National Bank (PNB) disclosed that it has 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.

“Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under the scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,” a senior official had said.

Meanwhile, SEBI and stock exchanges are also probing Modi’s business partner Mehul Choksi, and his listed entity Gitanjali Jewellers, for disclosure lapses, including for postponement of a board meeting earlier this week without disclosing sufficient reasons.

First Published: Feb 16, 2018 13:29 IST