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.
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.
Choksi, 62, was given bail by Dominica High Court to travel back to Antigua for seeking medical help from a neurologist based there
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
As per the court's decision, Choksi can travel to neighbouring Antigua and Barbuda only for the purpose of medical treatment.