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Rs 114-bn PNB scam: Gitanjali Gems shares tank over 58% in 7 days

On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05

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Officials look on during a raid conducted by Enforcement Directorate at a Nakshatra store in connection with multi-crore Punjab National Bank scam in Kolkata (Photo: PTI)

PTI

Last Updated : Feb 22 2018 | 11:02 PM IST

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session on Thursday, falling 58.5 per cent in the past one week.

The stock tanked 4.92 per cent to Rs 26.10 — its lowest trading permissible limit for the day — on BSE on Thursday.

On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05.

In seven days, the stock has plunged 58.5 per cent, eroding over Rs 435 billion from its market capitalisation. On February 14, Punjab National Bank disclosed that it detected fraudulent transactions with financial implication of about Rs 114 billion and the matter has been referred to law enforcement agencies for the recovery.