Gitanjali Gems shares tank over 58% in 7 days
In seven days, Gitanjali Gems stock plunged 58.5%, eroding Rs435.41 crore from its market capitalisation
New Delhi: Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session on Thursday, falling 58.5% in the past one week.
The stock tanked 4.92% to Rs26.10—its lowest trading permissible limit for the day—on BSE on Thursday.
On NSE, shares of the company lost 4.92% to hit a low of Rs26.05. In seven days, the stock has plunged 58.5%, eroding Rs435.41 crore from its market capitalisation.
On 14 February, Punjab National Bank (PNB) disclosed that it detected fraudulent transactions with financial implication of about Rs11,346 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.
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