Gitanjali Gems shares fall further, hits fresh 52-week low
Gitanjali Gems shares fall 5% to Rs15.80 on BSE after CBI sends fresh summonses to billionaire jeweller Nirav Modi and his uncle Mehul Choksi in the PNB fraud case
New Delhi: Shares of Gitanjali Gems Ltd on Friday declined by another 5% in morning trade after the Central Berau of Investigation (CBI) sent fresh summonses to billionaire jeweller Nirav Modi and his uncle Mehul Choksi.
Gitanjali Gems shares slumped 5% to hit its fresh 52-week low of Rs15.80 on BSE. This is the 17th straight session of fall for the stock. It has lost as much as 74.86% since 14 February, when the Punjab National Bank (PNB) fraud came to light. On NSE, the stock fell to a 52-week low of Rs15.75.
Modi and Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of letters of undertaking (LoUs) and letters of credit (LCs) worth $2 billion (approximately Rs12,636 crore) by PNB.
CBI on Thursday sent fresh summonses to Modi and Choksi to join investigations as early as possible. The agency had sent three summonses on 19, 23 and 28 February asking them to join the probe at the earliest. They were asked to appear on 7 March.
Choksi, in a seven-page letter 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.