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PC Jeweller says buys diamonds from local mkt in cash, not via LoUs

Press Trust of India  |  New Delhi 

As its shares got hammered in the aftermath of India's biggest fraud, today said the company does not use letter of credit/letter of undertaking in business transactions and buys all diamonds from local markets on cash basis only.

The had sought clarifications from the company after its share prices slumped nearly 20 per cent to Rs 303 apiece in early trade.

The share ended the day at Rs 356.40, down 5.31 per cent.

"The company does not use the instruments of LUT/LOC (Letter of Undertakings/ Letter of Credit) etc in its business transactions.

"The company does not have any international transactions in diamonds. It procures all its diamonds from local markets on cash basis only," said in its regulatory filing.

It assured investors and shareholders that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans.

State-owned Punjab National has detected a Rs 11,400 crore in which billionaire diamantaire allegedly acquired fraudulent from one its branches for overseas from other Indian lenders. The today said it will take all possible action against the wrong-doers.

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

First Published: Thu, February 15 2018. 23:16 IST