 "Jewellery shares fall; Rajesh Exports, Renaissance Jewellery down over 6%")
Shares of diamond, gems and jewellery companies under pressure falling by up to 10%, extending their past three days decline after the recent detection of a massive financial fraud in which diamond merchant Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch of Punjab National Bank (PNB).
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 01:22 pm; a combined 108,960 equity shares changed hands and there were pending sell orders for 18.07 million shares on the BSE and NSE, the exchanges data shows.
Mehul Choksi, the promoter of Gitanjali Gems, is Nirav Modi's uncle and business partner.
After the development, the company secretary, chief financial officer and one of the board of directors of Gitanjali Gems have resigned in past three days.
The BSE today said the Exchange has received email dated February 17, 2018 from Ms. Pankhuri with regards to her resignation as VP- Compliance and Company Secretary w.e.f. from February 13, 2018 and also, informed about resignation of Mr. Chandrakant Karkare from the post of Chief Financial Officer w.e.f. February 15, 2018.
The Exchange has also received email dated February 19, 2018 from Mr. Krishnan Sangameswaran with regards to his resignation from the board of the Gitanjali Gems, it added.
Besides Gitanjali Gems, Rajesh Exports, Renaissance Jewellery, Goldiam International, Lypsa Gems, PC Jeweller and Asian Star Company were down 5% to 8% on the BSE. On comparison, the S&P BSE Sensex was trading 1% or 362 points lower at 33,649.
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 01:22 pm; a combined 108,960 equity shares changed hands and there were pending sell orders for 18.07 million shares on the BSE and NSE, the exchanges data shows.
Mehul Choksi, the promoter of Gitanjali Gems, is Nirav Modi's uncle and business partner.
After the development, the company secretary, chief financial officer and one of the board of directors of Gitanjali Gems have resigned in past three days.
The BSE today said the Exchange has received email dated February 17, 2018 from Ms. Pankhuri with regards to her resignation as VP- Compliance and Company Secretary w.e.f. from February 13, 2018 and also, informed about resignation of Mr. Chandrakant Karkare from the post of Chief Financial Officer w.e.f. February 15, 2018.
The Exchange has also received email dated February 19, 2018 from Mr. Krishnan Sangameswaran with regards to his resignation from the board of the Gitanjali Gems, it added.
Besides Gitanjali Gems, Rajesh Exports, Renaissance Jewellery, Goldiam International, Lypsa Gems, PC Jeweller and Asian Star Company were down 5% to 8% on the BSE. On comparison, the S&P BSE Sensex was trading 1% or 362 points lower at 33,649.
| COMPANY | LATEST | PREV CLOSE | LOSS(%) |
| GITANJALI GEMS | 33.80 | 37.55 | -9.99 |
| RENAISSANCE JEW. | 343.00 | 371.45 | -7.66 |
| GOLDIAM INTL. | 72.95 | 78.10 | -6.59 |
| LYPSA GEMS | 30.70 | 32.80 | -6.40 |
| KANANI INDS. | 9.50 | 10.05 | -5.47 |
| TARA JEWELS | 14.25 | 15.05 | -5.32 |
| RAJESH EXPORTS | 760.05 | 800.75 | -5.08 |
| NARBADA GEMS | 18.25 | 19.20 | -4.95 |
| PC JEWELLER | 361.00 | 379.75 | -4.94 |
| RADHIKA JEWEL. | 31.75 | 33.40 | -4.94 |
| ASIAN STAR CO. | 1445.00 | 1520.00 | -4.93 |
| NEOGEM INDIA | 4.52 | 4.75 | -4.84 |
| SRS | 1.04 | 1.09 | -4.59 |
| T B Z | 106.00 | 109.25 | -2.97 |
| THANGAMAYIL JEW. | 500.00 | 514.45 | -2.81 |
One subscription. Two world-class reads.
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%