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Shares of Gitanjali Gems plunged another 20 per cent in the morning trade after the company came under the scanner of various investigating agencies following Punjab National Bank’s Rs 11,400-crore fraud detection.
The stock fell for the third straight session to hit 52-week low both on the BSE and NSE. On the BSE, the stock fell 19.94 per cent to a low of Rs 37.55. On the NSE, the stock cracked 19.98 per cent to Rs 37.45.
Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) fell 2.52 per cent to a low of Rs 110, Thangamayil Jewellery slumped 5 per cent to Rs 514.45, and Rajesh Exports fell nearly one per cent to Rs 795.55.
PC Jeweller, which had slumped 19.50 per cent intra-day yesterday, was trading in the positive territory.
On February 14, Punjab National Bank had disclosed that it has detected some fraudulent transactions with a financial implication of 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 Nirav Modi -- are under the scanner. The CBI and Enforcement Directorate are looking at their arrangements with various banks and end use of money,” a senior official had said.
Meanwhile, SEBI and stock exchanges are also probing Modi’s business partner Mehul Choksi, and his listed entity Gitanjali Jewellers, for disclosure lapses, including for postponement of a board meeting earlier this week without disclosing sufficient reasons.
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