Shares of Gitanjali Gems locked in lower circuit for forth day in a row, eroding over Rs 2,000 crore to its market value, on concerns that the recent drop in gold prices coupled with the Reserve Bank of India and restrictions by the government would hurt company's growth and earnings going forward.
The stock almost halved to Rs 263 from Rs 507 at the beginning of current week, have seen erosion of market capitalization of Rs 2,246 crore at Rs 2,418 crore on BSE. The company had m-cap of Rs 4,664 crore on June 21.
The jewellery retailer has lost 60% or Rs 3,560 crore of its market value from its recent high of Rs 650 touched on April 23 this year.
Foreign institutional investors (FIIs), the largest non-promoter shareholders, are major losers, lost nearly Rs 450 crore in past four trading sessions. The overseas investors had raised their holdings in the company by 4.17 per cent points to 19.98% during January-March quarter, when the stock was trading at an average price of Rs 580.
Life Insurance Corporation of India has lost nearly Rs 100 crore, as the insurance giant hold 4.36% stake in the company at the end of March 2013 quarter.
Bodies corporate held 11.56% stake have seen value erosion of Rs 260 crore and individual public shareholders lost Rs 70 crore in past four trading sessions.
The stock almost halved to Rs 263 from Rs 507 at the beginning of current week, have seen erosion of market capitalization of Rs 2,246 crore at Rs 2,418 crore on BSE. The company had m-cap of Rs 4,664 crore on June 21.
The jewellery retailer has lost 60% or Rs 3,560 crore of its market value from its recent high of Rs 650 touched on April 23 this year.
Foreign institutional investors (FIIs), the largest non-promoter shareholders, are major losers, lost nearly Rs 450 crore in past four trading sessions. The overseas investors had raised their holdings in the company by 4.17 per cent points to 19.98% during January-March quarter, when the stock was trading at an average price of Rs 580.
Life Insurance Corporation of India has lost nearly Rs 100 crore, as the insurance giant hold 4.36% stake in the company at the end of March 2013 quarter.
Bodies corporate held 11.56% stake have seen value erosion of Rs 260 crore and individual public shareholders lost Rs 70 crore in past four trading sessions.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%