Meanwhile, the S&P BSE Sensex was up 237.25 points, or 1.24%, to 19,415.01.
On BSE, 21,000 shares were traded in the counter as against an average daily volume of 96,362 shares in the past one quarter.
The stock opened with a downward gap, declining by the maximum 5% daily circuit and remained locked at the 5% level at Rs 192.75 so far during the day, which is also its 52-week low for the counter. The stock had hit a record high of Rs 649.50 on 23 April 2013.
The stock had underperformed the market over the past one month till 3 July 2013, falling 63.93% compared with the Sensex's 2.21% fall. The scrip had also underperformed the market in past one quarter, sliding 66.60% as against Sensex's 2% rise.
The small-cap company has an equity capital of Rs 92.06 crore. Face value per share is Rs 10.
Shares of Gitanjali Gems have slumped 64.73% in 12 trading sessions from a recent high of Rs 546.50 on 18 June 2013.
Shares of jewellery makers are under pressure since last month due to the recent correction in international and domestic gold prices, which was triggered by fears of the US Federal Reserve reducing quantitative easing. Gold demand has also slowed in India following measures taken by the government to curb gold imports.
Last month, the government raised the import duty on gold by 2% to 8%. The Reserve Bank of India (RBI) later clarified that all imports of gold for domestic consumption, either through banks, nominated agencies or directly can be made only with 100% cash margin. The RBI also prohibited credit of any kind from suppliers, or bullion banks for import of gold for domestic use.
The government and the RBI have taken several measures in the past few months to tame gold imports, which is partly blamed for the widening of the India's current account deficit (CAD).
On a consolidated basis, Gitanjali Gems' net profit rose 15.5% to Rs 118.88 crore on 34.5% increase in net sales to Rs 4750.53 crore in Q4 March 2013 over Q4 March 2012.
Gitanjali Gems is one of the leading players in the Indian jewellery space.
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