Gitanjali Gems tanks 5% as ED attaches Mehul Choksi assets
Gitanjali Gems shares slumped to its lower circuit limit, down 5%, to hit a 52-week low of Rs20.30 after the ED said it has attached 41 properties of the firm and its promoter Mehul Choksi
New Delhi: Shares of Gitanjali Gems plunged further on Thursday and settled with losses of over 5% after the Enforcement Directorate (ED) said it has attached 41 properties, valued at over Rs1,200 crore, in connection with the PNB fraud case.
Shares of the company slumped to its lower circuit limit, down 5%, to hit a 52-week low of Rs20.30. This is the 12th straight session of fall for the stock. It has lost as much as 65.35% since 14 February, the day the PNB fraud came to light.
On the NSE, the stock was quoted at Rs20.25, down 4.93% at the end of today’s trading session.
Shares of Punjab National Bank settled marginally down at Rs101.00 on the BSE. On NSE, the stock settled for the day at Rs100.80, down 0.59%.
The ED today said it has attached 41 properties, valued at over Rs1,200 crore, in connection with its money laundering probe in the PNB scam against Gitanjali Gems and its promoter Mehul Choksi.
It also examined PNB’s managing director and CEO Sunil Mehta at its zonal office in Mumbai today.
The individuals and companies, the agency order said, who own these assets include Mehul Choksi, Rohan Parth, Gitanjali Exports Corporation, Gitanjali Gems Limited, Decent Securities and Finance Pvt Ltd, N&J Finstock Pvt Ltd and Rohan Mercantile Pvt Ltd among others.
The agency, last week, had similarly attached 21 immovable assets worth Rs 523.72 crore of diamond jewellery businessman Nirav Modi and his group.
Nirav Modi and his uncle Choksi and others are being investigated by the ED, CBI and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalised bank to the tune of over Rs12,000 crore, with the purported involvement of a few employees of the bank.
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