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

On 14 February, PNB disclosed that it detected fraudulent transactions with financial implication of about Rs 11,346 crore.

PTI February 22, 2018 14:38:28 IST
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.

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

Reuters.

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.

Updated Date:

also read

Mehul Choksi lands in Antigua and Barbuda after getting bail in Dominica
India

Mehul Choksi lands in Antigua and Barbuda after getting bail in Dominica

Choksi, 62, was given bail by Dominica High Court to travel back to Antigua for seeking medical help from a neurologist based there

Dominican court grants interim bail to Mehul Choksi, allows return to Antigua for medical treatment
World

Dominican court grants interim bail to Mehul Choksi, allows return to Antigua for medical treatment

Choksi's trial for illegal entry before a magistrate has also been stayed, which is likely to pose hurdles in the battle to have him extradited to India

Mehul Choksi granted bail by Dominica HC on medical grounds; fugitive diamantaire to return to Antigua
India

Mehul Choksi granted bail by Dominica HC on medical grounds; fugitive diamantaire to return to Antigua

As per the court's decision, Choksi can travel to neighbouring Antigua and Barbuda only for the purpose of medical treatment.