Jewellery shares fall; Rajesh Exports, Renaissance Jewellery down over 6%

Gitanjali Gems, Rajesh Exports, Renaissance Jewellery, Goldiam International, Lypsa Gems, PC Jeweller and Asian Star Company were down 5% to 8% on the BSE.

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