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.