NEW DELHI: Continuing its nose-diving trend, shares of scam-hit Gitanjali Gems slipped below the Rs 10 mark for the first time on Friday, entering what is known as the penny stock category. The shares of the firm have crashed nearly 85 per cent to Rs 9.65 (Friday closing) since promoter Mehul Choksi’s involvement in India’s biggest banking fraud at Punjab National Bank was made public.
Gitanjali’s stock was trading at a level of Rs 62 on February 12, the trading day before the scam broke out, and had touched a 52-week high of Rs 104.80 on November 28, 2017. As per data available on the stock exchange, the listed firm has lost about Rs 634.9 crore in market capitalisation since February 14.
At present, Gitanjali Gems commands a market capitalisation of Rs 114.46 crore as against a market capitalisation of Rs 749.36 crore (according to the closing price on February 12, 2018) on BSE.