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Jewellery stocks take a hit after PNB fraud; Gitanjali Gems tanks over 18%

Press Trust of India  |  New Delhi 

Shares of today plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank's declaration of nearly Rs 11,400-crore fraud.

The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price.

Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50.

Meanwhile, some of other jewellery stocks also witnessed similar fate with slumping 19.50 per cent to Rs 303.00, (TBZ) 4.32 per cent to Rs 110.60, and 2 per cent to 558.55 on BSE. fell 1.34 per cent to a low of Rs 808.70 on BSE.

(PNB) yesterday disclosed that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.

"Four big jewellers -- Gitanjali, Ginni, Nakshatra and -- are under scanner. The and is looking at their arrangements with various banks and end use of money," a said yesterday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 10:40 IST