ALSO READPNB scam: ED raids Nirav Modi, Gitanjali Gems, seizes Rs 51 bn in jewellery PNB names Nirav Modi and Gitanjali Gems in the mega Rs 114-bn fraud PNB Rs 114 bn fraud: How 2 bankers, Nirav Modi & his cohorts pulled it off PNB may have to pay Rs 113 bn to banks in fraud involving Nirav: Report PNB fraud case: ED searches Nirav Modi's residence, 11 other locations
The ED on Thursday conducted searches in 17 properties linked to billionaire jewellery designer Nirav Modi and his maternal uncle and business partner Mehul Chinubhai Choksi’s firm Gitanjali Gems across India in a case of fraud, and seized diamond, gold, and jewellery worth Rs 51 billion, the Business Standard reported. CLICK HERE TO READ FULL REPORT
The BSE said on Thursday that the Exchange has sought clarification from Gitanjali Gems. The reply is awaited.
In past three trading sessions, the stock of Gitanjali Gems has tanked 40% from Rs 62.85 on February 12, 2017. Till 09:25 am; a combined 5.78 million shares changed hands on the BSE and NSE. There were pending sell orders for 2.9 million shares on both the exchanges.
PNB too hit a fresh 52-week low of Rs 123.50 on BSE in early morning trade, trading 3% lower at Rs 124. The stock plunged 23.5% in past three trading sessions from Rs 162 on Monday.
On Wednesday, PNB — the second largest public sector bank in India — informed the stock exchanges through a regulatory filing that it has detected a $1.8 billion fraud in one of its branches in Mumbai.