Punjab National Bank fraud outcome: Mehul Choksi promoted Gitanjali Gems shares tank over 58% in 7 days

Shares of Gitanjali Gems continued to face selling pressure for the seventh straight session on Thursday, falling 58.5 percent in the past one week. The stock tanked 4.92 percent to Rs 26.10 -- its lowest trading permissible limit for the day -- on BSE on Thursday.

On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05.



In seven days, the stock has plunged 58.5 percent, eroding Rs 435.41 crore from its market capitalisation.

On 14 February, Punjab National Bank (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.

Published Date: Feb 22, 2018 14:38 PM | Updated Date: Feb 22, 2018 14:38 PM

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