Gitanjali Gems is locked in lower circuit for 20 straight trading sessions, down 5% at Rs 110, after the market regulator Securities and Exchange Board of India (Sebi) and the bourses suspended the trading activities of 26 entities, including the company’s promoter Mehul Choksi, and firms linked to Prime Broking, as part of a probe into suspected market manipulations.
“The decision has been taken pursuant to an investigation carried out by Sebi and National Stock Exchange into the trading activity of brokerage firm Prime Broking Company (India) Ltd and trading in Gitanjali Gems Ltd by these entities,” the PTI report suggests.
Meanwhile, the stock of jewellery manufacturer is currently trading at its lowest level since June 2010, tanked 78% in past one month from Rs 538 on BSE.
A combined 7,606 shares have changed hands on the counter so far. There are pending sell orders for 7.19 million shares representing 19% of total free-float of equity capital of Gitanjali Gems on BSE and NSE at 0945 hours.
“The decision has been taken pursuant to an investigation carried out by Sebi and National Stock Exchange into the trading activity of brokerage firm Prime Broking Company (India) Ltd and trading in Gitanjali Gems Ltd by these entities,” the PTI report suggests.
Meanwhile, the stock of jewellery manufacturer is currently trading at its lowest level since June 2010, tanked 78% in past one month from Rs 538 on BSE.
A combined 7,606 shares have changed hands on the counter so far. There are pending sell orders for 7.19 million shares representing 19% of total free-float of equity capital of Gitanjali Gems on BSE and NSE at 0945 hours.
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