Gitanjali Gems tanks 20 percent; falls for third straight day after Nirav Modi row

The company is under scanner of various investigating agencies following Punjab National Bank's Rs 11,400-crore fraud detection involving Nirav Modi and Mehul Choksi.

Published: 16th February 2018 04:48 PM  |   Last Updated: 16th February 2018 04:48 PM   |  A+A-

Expenses remained slightly lower at Rs 5,438.34 crore in the quarter under review as against Rs 5,461.73 crore in the year-ago period.

Gitanjali Gems today plunged another 20 per cent in morning trade (EPS | Sathya Keerthi)

By PTI

NEW DELHI: Shares of Gitanjali Gems today plunged another 20 per cent in morning trade after the company came under 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 hit 52-week low on both BSE and NSE.

On BSE, the stock fell 19.94 per cent to a low of Rs 37.55.

On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45.

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

PC Jeweller, which had slumped 19.50 per cent intra-day yesterday, was trading in the positive territory.

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 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.



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