Gitanjali Gems, Vakrangee plunge 66% in one month

Gitanjali Gems hit a new low of Rs 22.45, down 5%, while Vakrangee locked in lower circuit for the seventh straight trading days, down 5% at Rs 172 on the BSE

Shares of Gitanjali Gems and Vakrangee continued to remainunder pressure, eroding two-third of their market valuation in the past one month.

Gitanjali Gems hit a new low of Rs 22.45, down 5% on the BSE. The stock of jewellery maker was locked in lower circuit for the nine straight trading days. In past one month, it tanked 66% from Rs 66.30.

On February 14, Punjab National Bank (PNB) disclosed that it detected fraudulent transactions with a financial implication of about Rs 114 billion and the matter has been referred to law enforcement agencies for the recovery.

The fraud,