Gitanjali Gems nears record low; stock tanks 46% in four days

The stock locked in lower circuit for the third straight trading days, hit fresh 52-week low of Rs 33.80, trading close to its all-time low of Rs 29.95 touched on March 1, 2016.

Gitanjali Gems is locked in lower circuit for the third straight trading days, down 10% at Rs 33.80 on BSE with no buyers were seen on the counter. The stock is trading close to its record low of Rs 29.95 touched on March 1, 2016 on BSE in intra-day trade.

Till 09:38 am; a combined 62,492 equity shares changed hands and there were pending sell orders for 16.62 million shares on the BSE and NSE, the exchanges data shows. The stock exchanges has revised circuit filter of the scrip from 20% to 10% with effective from today.

In past four trading sessions, the stock of integrated diamond and jewellery manufacturers and retailers has tanked 46% from Rs 62.05 on February 12, 2018, after the Punjab National Bank (PNB) said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies their own. Mehul Choksi is the promoter of Gitanjali Gems.

The exchanges last week sought clarifications from the company regarding the Enforcement Directorate (ED) conducted search operations at Gitanjali Gems stores; ED summons Mehul Choksi and Nirav Modi and fresh FIR against Gitanjali Group. The reply of all these reports is still awaited.