New Delhi:Â Shares of Gitanjali Gems Ltd plunged up to 19% in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bankâ€™s (PNB) declaration of nearly Rs11,400-crore fraud.
The stock opened on a bearish note at Rs48, then lost further ground to touch a low of Rs47.50 on BSE, down 18.94% over its previous closing price. Similar movement was seen on the NSE as well, where the stock tanked 18.73% to a low of Rs47.50.
Meanwhile, some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50% to Rs303.00, Tribhovandas Bhimji Zaveri 4.32% to Rs110.60, and Thangamayil Jewellery 2% to Rs558.55 on BSE. Rajesh Exports shares fell 1.34% to a low of Rs808.70 on BSE.
PNB on Wednesday disclosed that it has detected some fraudulent transactions with financial implication of $1.77 billion and the matter has been referred to law enforcement agencies for the recovery. â€śFour big jewellersâ€”Gitanjali, Ginni, Nakshatra and Nirav Modiâ€”are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,â€ť a senior official said on Wednesday.livemint