associate sponsors


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.

Updated Date: Feb 22, 2018 14:38 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See

{if $hideJSforEU != 'yes'} {/if}