Gitanjali Gems sinks over 58% in 7 days

New Delhi, February 22

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session today, falling 58.5% in the past one week.

The stock tanked 4.92% to Rs 26.10 — its lowest trading permissible limit for the day — on the BSE today. On the NSE, shares of the company lost 4.92% to hit a low of Rs 26.05.

In seven days, the stock has plunged 58.5%, eroding Rs 435.41 crore from its market capitalisation. On February 14, PNB disclosed that it detected fraudulent transactions with financial implication of about Rs 11,346 crore and the matter has been referred to law enforcement agencies for the recovery.

While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi’s Gitanjali Gems is a listed firm. — PTI