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Gitanjali Gems falls further as CBI sent fresh summonses to Nirav Modi, hits fresh 52-week low

Modi and Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of Letters of Undertaking and Letters of Credit worth Rs 12,636 crore by the Punjab National Bank.

Published: 09th March 2018 11:03 AM  |   Last Updated: 09th March 2018 11:03 AM   |  A+A-

Gitanjali Gems (File photo)

By PTI

NEW DELHI: Shares of Gitanjali Gems today declined by another 5 per cent in morning trade after the CBI sent fresh summonses to billionaire jeweller Nirav Modi and his uncle Mehul Choksi.

Modi and Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of Letters of Undertaking (LoUs) and Letters of Credit (LCs) worth USD 2 billion (approximately Rs 12,636 crore) by the Punjab National Bank.

Gitanjali Gems stock slumped 5 per cent to hit its fresh 52-week low of Rs 15.80 on BSE.

This is the 17th straight session of fall for the stock.It has lost as as much as 74.86 per cent since February 14, the day the PNB fraud came to light.

On NSE, the stock fell to a 52-week low of Rs 15.75.

CBI yesterday sent fresh summonses to Modi and Choksi to join investigations as early as possible.The agency had sent three summonses on February 19, 23 and 28 asking them to join the probe at the earliest.

They were asked to appear on March 7.Choksi, in a seven-page letter which was released by his lawyer, has said it is impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health.



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