PNB scam: Gitanjali Gems falls further, hits fresh 52-week low

Nirav Modi

Shares of Gitanjali Gems today declined by another 5 per cent in morning trade after the CBI registered a fresh FIR against diamond merchant Nirav Modi in the PNB fraud case. Modi and his uncle Mehul Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of Letters of Undertaking (LoUs) and Letters of Credit (LCs) worth USD 2 billion (approximately Rs 12,636 crore) by the Punjab National Bank.

Gitanjali Gems stock slumped 5 per cent to hit its fresh 52-week low of Rs 16.60 on BSE. This is the 16th straight session of fall for the stock. It has lost as as much as 73.58 per cent since February 14, the day the PNB fraud came to light. On NSE, the stock fell to a 52-week low of Rs 16.55. The CBI yesterday registered a fresh case against billionaire jeweller Nirav Modi in connection with the alleged fraud in credit facilities extended by the Punjab National Bank. This is the second CBI FIR in which Modi has been named.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever