Gitanjali Gems shares continue to nose-dive, fall over 58% in 7 days

In seven days, the stock has plunged 58.5 per cent, eroding Rs 4.35 billion from its m-cap

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session on Thursday, falling 58.5 per cent in the past one week.

The stock tanked 4.92 per cent to Rs 26.10 - its lowest trading permissible limit for the day - on BSE Thursday.

On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05.

In seven days, the stock has plunged 58.5 per cent, eroding Rs 4.35 billion from its market capitalisation.

On February 14, Punjab National Bank (PNB) disclosed that it detected fraudulent transactions with a financial implication of about Rs 113.46 billion 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.