Shares of Gitanjali Gems tanked another 20% in morning trade after the detection of Punjab National Bank's Rs 11,400-crore fraud. Gitanjali Gems is one of the companies charged by investigating agencies for colluding with Nirav Modi in carrying out the fraud.
At 12:19 pm, the stock was down 19.94% or 9.35 points to 37.55 level on BSE. The fraud came to light on Wednesday. Since then the stock is down 40.25 percent on BSE. Its market capitalisation has fallen by Rs 300.1 crore.
On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45.
On February 14, Punjab National Bank (PNB) disclosed that it has detected some fraudulent transactions with financial implication of about Rs 11,346 crore and the matter has been referred to law enforcement agencies for the recovery.
"Four big jewellers-Gitanjali, Ginni, Nakshatra and Nirav Modi-are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money," a senior official had said.
Among other jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ) fell 2.52 per cent to a low of Rs 110, Thangamayil Jewellery slumped 5 per cent to Rs 514.45, Rajesh Exports fell nearly one per cent to Rs 795.55.
Meanwhile, Gitanjali Gems said it postponed the 15th Board meeting of the Company scheduled to be held on Wednesday, February 14, 2018 at 12 noon at B - 3, 3rd Floor, Laxmi Towers, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 to inter alia review the un-audited Financial Results of the Company for the quarter ended December 31, 2017.
The company would inform about the next date of meeting, it said.
The Securities and Exchange Board of India (Sebi) and the stock exchanges have begun analysing the stock market trade details of all entities associated with Modi including Choksi, who has already been under scanner for various cases including a brokerage default incident, a senior official said.
Mehul Choksi, the MD of Gitanjali Gems and maternal uncle of Nirav Modi was earlier named among the four accused in the FIR filed by the CBI for allegedly cheating Punjab National Bank of Rs 280.7 crore in 2017, PTI reported on February 7, 2018. The firm had said Choksi has been "falsely implicated" in the cheating case and will take legal steps to remove his name from the list of accused in the FIR.
The FIR states that the accused were alleged partners in the three companies-Diamond R US, Solar Exports and Stellar Diamonds.
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