Shares of Gitanjali Gems
hit a lifetime low today and were locked in the 5% lower circuit following reports that the Securities and Exchange Board of India revived an old case against the company and its promoter Mehul Choksi for allegedly manipulating trade.
SEBI had issued a show cause notice to Choksi and 22 entities in March 2017. The regulator had asked the investigating team to complete the probe within six months, but it has not been done yet.
SEBI is again looking into the case with Choksi coming under the spotlight following the Punjab National Bank fraud case.
Gitanjali Gems Ltd is currently trading at Rs26.10 down by Rs1.35 or 4.92% from its previous closing of Rs27.45 on the BSE.
The scrip opened at Rs26.10 and has touched a high and low of Rs26.10 and Rs26.10 respectively. So far 42,403 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs325.60cr.