Jewellery stocks take a hit after PNB fraud; Gitanjali Gems tanks over 18%
Team Udayavani, Feb 15, 2018, 2:44 PM IST
New Delhi: Shares of Gitanjali Gems today plunged up to 19 percent 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 percent over its previous closing price.
Similar movement was seen on the NSE as well, where the stock tanked 18.73 percent to a low of Rs 47.50.
Meanwhile, some of other jewellery stocks also witnessed similar fate with PC Jeweller slumping 19.50 per cent to Rs 303.00, Tribhovandas Bhimji Zaveri (TBZ) 4.32 per cent to Rs 110.60, and Thangamayil Jewellery 2 percent to 558.55 on BSE. Rajesh Exports fell 1.34 percent to a low of Rs 808.70 on BSE.
Punjab National Bank (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 Nirav Modi – are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,” a senior official said yesterday.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Lokayukta raided 9 govt officials in Karnataka
Chikkamagaluru: Guns found in house, Maoist movement suspected
Ballari: House lizard found in midday meal, more than 26 students fall ill
Parashurama Statue Case: Demand raised for arrest of remaining accused
Liquor worth over Rs 29 crore seized from Channapatna Assembly segment: EC
MUST WATCH
Latest Additions
FSSAI directs online platforms to deliver food items with minimum 45 day shelf life
Maharashtra Elections | PM Modi has eliminated terrorism, Naxalism; Article 370 not coming back: Amit Shah
Ayodhya: Security beefed up around Ram Temple after ‘threat’ by pro-Khalistan leader Pannun
India successfully test-fires long-range cruise missile
Blind T20 WC: Indian team eyes clearance from MHA, MEA; Sports Ministry clears travel to Pakistan
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.