Shares of Gitanjali Gems
fell another 5% on the bourses on Tuesday after the Central Bureau of Investigation (CBI) reported that it has detained Gitanjali Group President Vipul Chitalia in connection to the Rs13,600cr Punjab National Bank (PNB) scam. With this, the stock has hit a fresh 52-week low.
CBI had, on Monday, submitted that the violation of norms for issuance of Letters of Undertakings (LoUs) to benefit billionaire jewelers Nirav Modi and his uncle Mehul Choksi had been going on since 2010. On Tuesday, the stock fell for the 14th straight session, a 75% drop since the scam first came to light.
The stock of the company is currently trading at Rs18.35, down Rs0.95, or 4.92%, from its previous closing of Rs19.30 on the BSE. The scrip opened at Rs18.35 on Tuesday and touched a high and low of Rs18.35 and Rs18.35, respectively. The current market cap of the company is valued at Rs228.93cr.